EUR/USD slumps to 1.1250 ahead of Yellen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The shared currency has lost further upside momentum vs. the greenback following an auspicious European open, with EUR/USD dropping to lows near 1.1250.

    EUR/USD focus on EC forecasts, Yellen

    The pair is extending further its daily decline after the overnight test of 1.1350, or 4-month peaks, following a pick up in the risk appetite trends and an initial positive performance of European equities.

    As risk aversion keeps dwindling, market participants will focus on the Economic Growth Forecasts released by the European Commission later, all ahead of the key semi-annual testimony by Chairwoman J.Yellen before Congress.

    EUR/USD levels to watch

    The pair is now retreating 0.33% at 1.1256 and a breach of 1.1055 (200-day sma) would open the door to 1.0979 (20-day sma) and finally 1.0904 (55-day sma). On the flip side, the next up barrier lines up at 1.1460 (monthly high Sep.18) ahead of 1.1496 (monthly high Oct.15) and finally 1.1713 (post-PBoC high Aug.24).
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