EUR/USD stranded below 1.12 as European equities rise

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The EUR bulls have turned cautious amid the positive action in the European equities, leaving the EUR/USD stranded below 1.12 levels.

    EUR rejected at 1.12

    The spot has made numerous failed attempts to sustain or take out 1.12 levels since Asian session. The latest attempt failed on account of the 0.4% gain seen in the major European stock markets. The data calendar is light; hence stocks could continue to guide the EUR/USD pair ahead of the US NFP release.

    The spot currently trades around 1.1190. The bullish momentum ran out steam at 1.1236 (38.2% of Mar low-Aug high) in the NY session.

    EUR/USD Technical Levels

    The immediate resistance is seen at 1.1236 (38.2% of Mar low-Aug high), above which the pair could rise to 1.13 levels. On the other hand, a break below 1.1145 (hourly chart support) could see the spot test the hourly 50-MA located at 1.1115.
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