EUR/USD side-lined below 1.1300, awaits Europe open

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The EUR/USD pair is seen trading around a flat-line below 1.13 handle since mid-Asia and now extends the side-trend into early Europe as the US dollar continues to waver against its major peers.

    Risk-off at play amid lower oil

    Currently, EUR/USD trades modestly flat at 1.1289, stuck in a 20-pips range below 1.13 barrier over the last few hours. The main currency pair failed several attempts to reclaim 1.13 mark, and now oscillates back and forth in a narrow range awaiting fresh incentives from the sentiment on the European markets.

    Further, the price-action witnessed in the EUR/USD pair during today’s Asian session is a replica of what we saw in Asia the day earlier. Hence, the major may drift lower ahead of the Europe open and thereon track the trend in the European equities for fresh direction.

    Meanwhile, markets appear to brush away Yellen’s upbeat tone and now focus on the broader market sentiment ahead of the US weekly unemployment claims data due later in the NY session and more Yellen.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1320/44 (daily high/ daily R1). A break beyond the last, doors will open for a test of 1.1400 (round number). On the flip side, the immediate support is placed at 1.1265/62 (1h 20 & 50-SMA) below which at 1.1214/00 (1h 100-SMA/ psychological levels) could be tested.
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