EUR/USD treading water above 1.10, EMU data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The single currency is looking to consolidate its recent break above the 1.10 handle vs. the greenback, with EUR/USD in a sideline pattern around 1.1015/20.

    EUR/USD attention to EMU data

    Poor Chinese trade balance figures have poured cold water over the sentiment surrounding riskier assets during early trade, dragging Asian equities lower and helping the pair to cling to current levels above the 1.10 handle.

    Next of relevance for the pair will be the German Industrial Production figures followed by EMU’s GDP figures during Q4, expected at 0.3% inter-quarter and 1.5% on a yearly basis.

    EUR/USD levels to watch

    The pair is now up 0.09% at 1.1022 and a break above 1.1045 (200-day sma) would expose 1.1071 (high Feb.26) and then 1.1123 (38.2% Fibo of 1.1379-1.0709). On the flip side, the next support lines up at 1.0978 (55-day sma) ahead of 1.0913 (100-day sma) and finally 1.0823 (low Mar.2).
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