EUR/USD stronger, eyes 1.1200 on oil slump

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The buying interest around the single currency is gathering further steam, sending EUR/USD to the area of session highs near the 1.1200 barrier.

    EUR/USD advances further ahead of ZEW

    The pair has intensified its upside momentum after crude oil prices have dipped below the key $30.00 handle following the closed-door meeting between oil ministers from Venezuela, Qatar, Saudi Arabia and Russia in Doha.

    After the meeting, officials have argued that an agreement to freeze production should be contingent with other producers acting in the same direction, pouring cold water over expectations of an imminent output cut/freeze.

    Back to Euroland, the German ZEW Survey is due later, although the current risk appetite trends appear to be more important in determining the near term price action for the pair.

    EUR/USD levels to watch

    The pair is now up 0.25% at 1.1181 with the next hurdle at 1.1378 (high Feb.11) ahead of 1.1460 (monthly high Sep.18) and then 1.1496 (monthly high Oct.15). On the flip side, a breach of 1.1084 (low Feb.8) would target 1.1078 (20-day sma) and finally 1.1026 (200-day sma).
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