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EUR/USD retreats from peaks, testing 1.0840

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The European currency is now trading back in the 1.0840 area vs. the dollar after EUR/USD climbed to fresh highs near 1.0870.

    EUR/USD bolstered by risk-aversion

    The ongoing unease in the global markets has prompted the return of the risk aversion, and with it the single currency seems to have found some extra support to prop up the renewed upside momentum.

    In the data space, both EMU’s Economic Sentiment and Business Climate have surpassed market consensus during the last month, while November’s Retail Sales in the euro area have disappointed expectations.

    EUR/USD relevant levels

    At the moment the pair is advancing 0.55% at 1.0847 and a breakout of 1.0936 (76.4% Fibo of 1.0538-1.1059) would target 1.1045 (200-day sma) en route to 1.1146 (5-month downtrend). On the other hand, the immediate support lines up at 1.0700 (psychological level) followed by 1.0538 (low Dec.3) and finally 1.0456 (2015 low Mar.16).
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