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EUR/USD sits above 1.09 as stocks extend losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/USD sits comfortably above 1.09 handle as the stock markets across Europe extended the early losses tracking the slide in oil.

    Struggling to rise above 1.0920

    The currency pair is having a tough time rising above 1.0920 even though the risk-off in the European equities worsened. Oil prices extended losses to trade more than 3% lower. Consequently, the European stocks, which were down 1% earlier, are now down at least 1.5%.

    The carry unwind triggered by the risk-off is keeping the bid tone around the EUR intact. Later in the day, the Fed speak and the sentiment across the Wall Street could influence the pair.

    EUR/USD Technical Levels

    The spot trades around 1.0910 after failing once again to take out 1.0920. A break above 1.0920 could see the pair test a major hurdle at 1.0940 (61.8% of Mar-Aug rally). On the other hand, a break below 1.0890 (38.2% of 1.1495-1.0517) could see the pair slide to 1.0864 (hourly 200-MA).
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