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EUR/USD survives above 1.10 ahead of European open

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The shared currency is trading almost unchanged vs. the greenback at the end of the Asian session on Wednesday, with EUR/USD hovering over the low-1.1000s so far.

    EUR/USD supported at 1.10

    Spot keeps the trade within a narrow range for the time being, although pullbacks seem to have found quite decent support in the 1.10 neighbourhood ahead of the opening bell in London.

    Equity markets have closed in a ‘sea of red’ in Asia, allowing the resurgence of some risk aversion, sustained at the same time by a continuation of the correction lower in crude oil prices.

    Nothing of note data wise in Euroland, whereas New Home Sales, the weekly report on inventories by EIA and speeches by Fed’s Bullard and Kaplan are all due across the pond.

    EUR/USD levels to watch

    The pair is now losing 0.05% at 1.1012 facing the next support at 1.0972 (55-day sma) followed by 1.0965 (61.8% Fibo of December up-move) and finally 1.0709 (YTD low Jan.5). On the other hand, a break above 1.1108 (20-day sma) would open the door to 1.1123 (38.2% Fibo of December up-move) and then 1.1220 (23.6% Fibo of December up-move).
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