EUR/USD stuck between key MAs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/USD pair is trading between the hourly 50-MA and the hourly 100-MA located at 1.0847 and 1.0879 levels.

    Sits above key Fibo level

    The pair trades comfortably above 1.08523 (38.2% of 1.0517-1.1060) levels, however, the upside in the pair ran out of steam earlier today close to 1.0890 (38.2% of 1.1495-1.0517). The bid tone on the USD remains intact on account of the minor uptick in the treasury yields.

    Furthermore, the rise in the European equities and the US index futures is also capping gains in the EUR. Ahead in the day, the pair could continue to track the action on the Wall Street; given the data calendar is empty.

    EUR/USD Technical Levels

    At 1.0860, the immediate support is seen at 1.0847 (hourly 50-MA), under which the losses could be extended to 1.0788 (50% of 1.0517-1.1060). On the other hand, a break higher would expose 1.0877 (hourly 100-MA) - 1.0890 (38.2% of 1.1495-1.0517), above which the pair could rise to 1.0929 (hourly 200-MA).
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