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EUR/USD slumps to lows near 1.1120

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The shared currency has quickly reverted the advance to the 1.1180 area vs. the dollar, with EUR/USD now dropping to session lows near 1.1120.

    EUR/USD weaker on USD recovery

    The greenback has now gathering further pace and testing daily highs when measured by the US Dollar Index, rapidly sending spot lower and forcing the euro to fade the earlier spike to the boundaries of 1.1200 the figure.

    In the meantime, the current slump of crude oil prices continue to weigh on sentiment, exacerbated by a negative performance of European equities.

    On the data front, Investor’s Confidence tracked by the Sentix index has missed expectations for the current month, while the Fed’s Labor Market Conditions Index is due later in the NA session.

    EUR/USD levels to watch

    The pair is now retreating 0.20% at 1.1127 and a breach of 1.1054 (200-day sma) would open the door to 1.0959 (100-day sma) and finally 1.0888 (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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