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EUR/USD sinks to lows near 1.1160

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The shared currency has faded the overnight spike to daily highs near 1.1240 vs. the greenback, with EUR/USD now testing the lower end of the range in the 1.1170/60 band.

    EUR/USD lower on risk appetite

    The initial bull run to the 1.1240 area has been supported by a fresh wave of risk aversion following a slump of the Japanese equity markets. However, the risk appetite has managed to return to the global markets after European equities reverted the negative start, adding to the offered tone in EUR.

    On the data front, German Industrial Production has contracted at a monthly pace of 1.2% during December and the trade surplus shrunk to €18.8 billion during the same period, both prints missing expectations.

    EUR/USD levels to watch

    The pair is now retreating 0.16% at 1.1172 and a breach of 1.1054 (200-day sma) would open the door to 1.0966 (20-day sma) and finally 1.0899 (55-day sma). On the flip side, the next up barrier lines up at 1.1246 (high Feb.5) ahead of 1.1496 (high Oct.15) and finally 1.1713 (post-PBoC high Aug.24).
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