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EUR/USD stronger, advances to 1.1060

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The single currency has abandoned the vicinity of 1.10 the figure vs. the greenback and is now lifting EUR/USD to flirt with daily highs around 1.1060.

    EUR/USD tests the 200-day sma

    After a brief adventure to daily lows near the 1.1000 handle, the pair has recovered the buying interest and remains on track to attempt another test of the late February peaks at 1.1070, all against a renewed selling mood hitting the greenback.

    EUR is thus extending its resilience at current levels sustained by market scepticism and almost ignoring the potential announcements of further easing measures in the region by the ECB at its meeting on Thursday.

    EUR/USD levels to watch

    The pair is now gaining 0.36% at 1.1052 facing the next hurdle at 1.1071 (high Feb.26) ahead of 1.1123 (38.2% Fibo of 1.1379-1.0709) and finally 1.1220 (23.6% Fibo of 1.1379-1.0709). On the flip side, a breach of 1.0978 (55-day sma) would target 1.0913 (100-day sma) en route to 1.0823 (low Mar.2).
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