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EUR/USD supported by 38.2% Fibo level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/USD pair has repeatedly found bids around 1.0890 (38.2% of 1.1495-1.0517) through European session, but is having a tough time extending gains above 1.09 handle.

    Weak stocks support EUR

    The common currency once again found support from the weakness in the European stock markets today. However, the gains remained capped around 1.10 as the losses have been moderate, while investors lack fresh cues from the US equities, which are closed on account of Martin Luther King holiday.

    The economic calendar is empty as well. Hence, the pair could remain lackluster till the release of the Chinese economic data in the Asian session tomorrow.

    EUR/USD Technical Levels

    The spot is trading around 1.0895 with the immediate resistance at 1.0898 (hourly 50-MA). A break higher would open doors for a rally to 1.0940 (61.8% of Mar-Aug rally). On the other hand, support is seen at 1.0890 (38.2% of 1.1495-1.0517) would expose support at 1.0871.
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