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EUR/USD: supported by hourly 50-MA, recovery capped around 1.12

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The EUR/USD pair found bids at the hourly 50-MA at 1.1162, but the ensuing recovery appears to have run out of steam near 1.12 handle.

    Stocks waver, EUR hovers around 1.1190

    The stock markets fell back into losses and offered support to the common currency. Meanwhile, the periphery and core bond yields in the Eurozone inched higher. The contradicting signals from the equity and bond markets have left the pair stranded around 1.1190 levels.

    With an empty economic calendar across the pond, the pair is left the mercy of the broader market sentiment. Greece related news flow could affect EUR/USD pair; especially if the Greek and periphery bond yields rise.

    EUR/USD Technical Levels

    A break below the immediate support of the hourly 50-MA at 1.1162 (also pair’s daily low) would shift risk in favor of a drop to the double top neckline at 1.1088. On the other hand, resistance is seen at 1.1236 (38.2% of Mar low-Aug high), above which the spot could test the major hurdle at 1.1293 (May 2014 high-Mar 2015 low).
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