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EUR/USD struggling to extend gains beyond 1.1300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD is seen making minor recovery attempts from 1.1283 session lows, although meets fresh supply near 1.1310 region on every attempt to the upside.

    EUR/USD unperturbed by persisting risk-aversion

    Currently, EUR/USD trades modestly flat at 1.1298, unable to extend beyond 1.1311 session highs. The main currency pair stalled its corrective slide near 1.1280 region and resumes the upward momentum over the last hours, although lack follow-through as markets prefer to remain on the side-lines ahead of the much-awaited Fed Yellen’s take on the interest rates outlook, especially after markets have almost priced-out a Fed rate hike this year.

    Moreover, the upside remains capped as the USD selling appears to have stalled ahead of Yellen, while the bulls continue to cheer upbeat US jobs opening data released on Tuesday. The number of job openings rose to 5.61 million in December, much stronger than the 5.35 million the markets had been expecting. Meanwhile, the US dollar index recovers losses and trades muted around 96, off multi-month lows reached at 95.68 the day earlier.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1338/50 (Feb 9 High/ round number). A break beyond the last, doors will open for a test of 1.1364/1.1400 (daily R1/ psychological levels). On the flip side, the immediate support is placed at 1.1267 (1h 20-SMA) below which at 1.1216/07 (5-DMA/ 1h 50-SMA) could be tested.
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