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EUR/USD surrenders gains as risk appetite strengthens

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Asian stocks rallied for a second day, putting an end to carry unwind and thus pushing the EUR/USD pair into negative territory.

    Rejected at 1.1183

    Common currency turned lower from 1.1183, tracking the flight to risk assets on account of the sharp rise in oil prices and fresh stimulus hopes. The EUR was offered in the NY session after ECB’s Draghi reiterated readiness to do more.

    Ahead in the day, the currency pair could be influenced by German Zew survey figure and the equity market sentiment.

    EUR/USD Technical Levels

    The spot currently trades moderately weaker on the day around 1.1150. The immediate support is seen at 1.1128 (previous day’s low), which if taken out shall open doors for a drop to 1.1088 (50% of Mar low-Aug high). On the other hand, a break above immediate hurdle at 1.1221 (hourly 200-MA) could see the spot test offers at 1.252 (hourly 100-MA).
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