EUR/USD resists above 1.1000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/USD steadied in a range over the last hours after the steep sell-off found support at the 1.1000 zone. EUR/USD came under strong pressure on Monday as the dollar strengthened across the board and the euro was weighed by advances in stocks and renewed Brexit fears.

    EUR/USD bottomed out at 1.0002 and bounced, but with the rebound capped by the 1.1035 zone, the pair was confined to a phase of consolidation. At time of writing, the pair is trading at 1.1017, recording a 1.0% loss on the day.

    On the data front, the Chicago National Activity Index came in at 0.28 in January vs -0.34 the previous month, while Markit’s flash manufacturing PMI dropped to 51 in February versus 52.3 expected, tempering somewhat the buying interest around USD.

    EUR/USD levels to watch

    As for technical levels, immediate supports are seen at 1.1002/00 (Feb 22 low/psychological level), 1.0962 (100-day SMA) and 1.0903 (Feb 3 low). On the flip side, resistances could be found at 1.1052 (200-day SMA), 1.1138 (Feb 19 high) and 1.1178 (Feb 17 high).
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