EUR/USD stuck at hourly 200-MA, eyes German data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The EUR/USD pair is struggling to take out the hourly 200-MA at 1.0922 levels since the NY

    Eyes German data and US GDP

    The immediate focus is on the German data – Import price index and GFK consumer confidence. The consumer confidence for Jan is seen unchanged at 9.3, while the import prices are seen dropping 0.2% m/m and 3.8%y/y.

    Ahead in the day, the third quarter US GDP could influence the broad based demand for the US dollars. In the meantime, the action in the European stocks could also influence the pair.

    EUR/USD Technical Levels

    At 1.0912, the immediate resistance is seen at 1.0922 (hourly 200-MA), above which the pair could test 1.1006 (50% of 1.1495-1.0517). On the other hand, a break below 1.0894 (50-DMA)-1.0890 (38.2% of 1.1495-1.0517) could open doors for a drop to 1.0803 (Dec 17 low).
    For more information, read our latest forex news.

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