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EUR/USD through 1.09 on dollar weakness

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The common currency is accelerating its upside momentum, pushing EUR/USD beyond the 1.0900 handle ahead of US releases.

    EUR/USD in 3-day peaks

    Spot has regained the 1.0900 handle for the first since Monday, extending further its bounce off recent lows in the vicinity of 1.0820. The now increasing selling mood around the US dollar appears as the main driver behind the up move, all ahead today’s publications in the US economy.

    In fact, USD will be in the limelight, as Factory Orders, Initial Claims and the ISM Non-manufacturing are all due later in the NA session.

    EUR/USD levels to watch

    The pair is now up 0.38% at 1.0906 facing the next up barrier at 1.0925 (100-day sma) ahead of 1.1046 (200-day sma) and then 1.1123 (38.2% Fibo of December up-move). On the flip side, a breakdown of 1.0823 (low Mar.2) would target 1.0777 (low Jan.21) en route to 1.0709 (2016 low Jan.5).
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