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EUR/USD stabilizes around 1.0850 after choppy day

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD stabilized around 1.0850 during the last hours after a volatile session that saw the pair climbed to a high of 1.0942 only to fall back to a low of 1.0832 later on the day, as risk sentiment continues to drive trading.

    Even though EUR/USD started the day on a positive note, the pair turned lower after the European Central Bank minutes of the December meeting, which revealed some members were looking for a bigger cut, 20 bps, on the deposit rate when the bank ended up cutting by only 10 bps to -0.3%.

    Improvement in risk sentiment pushed EUR/USD even lower during the American session, although overall the pair continues to trade within its weekly range. The pair is currently trading at 1.0862, still 0.14% below its opening price.

    EUR/USD levels to watch


    In terms of technical levels, next supports are seen at 1.0812 (50-day SMA), 1.0804/00 (Jan 13 & 8 lows/psychological level), 1.0770 (Jan 7 low) and then 1.0710 (Jan 5 low). On the other hand, next resistances line up at 1.0940 (Jan 14 high), 1.0969 (Jan 11 high) and 1.1015 (100-day SMA).
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