EUR/USD reverses and hits fresh highs near 1.1200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD rebounded sharply and turned positive for the day. The pair that during the European session bottomed at 1.1085, the lowest level since last Thursday, bounced to the upside and climbed to 1.1196, hitting a fresh daily high.

    The pair remains with a positive momentum in the short-term trading at 1.1170, less than 30 pips above Friday’s closing price. A weak US dollar across the board boosted EUR/USD.

    Stocks in Wall Street reached fresh lows. The Dow Jones is falling 330 points or 2.05% while the Nasdaq drops 2.45%. In Europe main stocks indexes finished with losses of around 3%.

    EUR/USD technical levels

    To the upside, resistance levels lie at 1.1195/1.1200 (daily high /psychological) 1.1225 (intraday level) and 1.1250 (Feb 05 high). On the opposite direction support now could be located at 1.1140 (20-hour moving average), 1.1085 (daily low) and 1.1060 (Feb 04 low).
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