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EUR/USD still depressed around 1.0970

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The single currency remains unmotivated today, taking EUR/USD to the area of session lows in the 1.0970/60 band.

    EUR/USD weaker into the ECB

    The pair’s upside seems to have found strong resistance just above the 200-day sma near 1.1080 on Tuesday, triggering the ongoing correction lower to the current 1.0970 region ahead of the critical ECB meeting due tomorrow.

    That said, market speculations on the probable announcement of additional easing measures by the Council remains on the rise, capping gains and ultimately opening the door for further EUR-selling.

    EUR/USD levels to watch

    The pair is now losing 0.28% at 1.0974 facing the next support at 1.0913 (100-day sma) ahead of 1.0823 (low Mar.2) and then 1.0709 (2016 low Jan.5). On the upside, a breakout of 1.1045 (200-day sma) would expose 1.1101 (50% Fibo of 1.1379-1.0823) and then 1.1166 (38.2% Fibo of 1.1379-1.0823).
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