EUR/USD retreats from 1.0950

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The shared currency has now faded part of its earlier advance to session highs near 1.0950, with EUR/USD retreating to the current 1.0930/25 band.

    EUR/USD now looks to German CPI

    With the final December’s manufacturing PMIs out of the way, the next risk event for the pair will come from the preliminary inflation figures in the German economy for the last month, expected to have gained 0.6% on an annual basis vs. 0.4% previous.

    In the meantime, the risk aversion keeps dominating the broader sentiment in the global markets, supporting the upside momentum in the euro.

    EUR/USD levels to consider

    At the moment the pair is up 0.56% at 1.0922 facing the next hurdle at 1.1046 (200-day sma) followed by 1.1130 (61.8% Fibo of 1.1496-1.0538) and then 1.1158 (downtrend from 1.1713). On the other hand, a breakdown of 1.0808 (low Jul.20) would aim for 1.0753 (23.6% Fibo of 1.1496-1.0538) and finally 1.0538 (low Dec.3).
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