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EUR/USD stranded around 1.10 as European equities drop

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The EUR/USD pair is stuck at 1.10 with nowhere to go amid losses in the major European equity markets and Brexit fears.

    Focus on oil and equities

    Oil remains at the center stage of the financial markets. Oil driven drop seen on Tuesday and today is reminder that risk sentiment is extremely vulnerable to oil price gyrations. With oil down at least 1.5%, stocks had little reason to rise. The pan-European Euro Stoxx 50 index is down 0.4%.

    Consequently, the EUR/USD pair found support around 1.0990. However, Brexit related uncertainty is also keeping the upside restricted around 1.1005 levels.

    EUR/USD Technical Levels

    The immediate resistance is seen at 1.1025 (hourly 50-MA), above which prices could test 1.1069 (hourly 100-MA). On the other hand, a breakdown of immediate support at 1.0971 (50-DMA) could see the spot test 1.0940 (61.8% of Mar low-Aug high).
    For more information, read our latest forex news.

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