EUR/USD treading water above 1.1300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The shared currency now seems to be stabilizing vs. the dollar, with EUR/USD meandering around the low-1.1300s so far.

    EUR/USD gains capped near 1.1360

    The pair remains well supported by the prevailing risk-off trade in the global markets, with equity markets sinking on both sides of the Atlantic ahead of the opening bell in Wall Street.

    The upside momentum in spot has so far faltered around daily highs near 1.1360, although the bid tone remains unaltered.

    Next on tap will be the usual weekly report on the US labour market followed by another testimony by Chair J.Yellen.

    EUR/USD levels to watch

    The pair is now advancing 0.41% at 1.1340 with the next hurdle at 1.1460 (monthly high Sep.18) ahead of 1.1496 (monthly high Oct.15) and finally 1.1713 (post-PBoC high Aug.24). On the other hand, a breakdown of 1.1055 (200-day sma) would open the door to 1.1002 (20-day sma) and finally 1.0963 (100-day sma).
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