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EUR/USD treads water around 1.0915, PMIs eyed

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The common currency is seen trading around a flat-line versus its American rival since mid-Asia, with EUR/USD languishing near lows reached ahead of 100-DMA placed at 1.0905.

    EUR/USD holds above 100-DMA

    Currently, EUR/USD trades almost unchanged at 1.0915, hovering within a striking distance of session lows struck at 1.0912 in the last hour. The main currency pair now awaits fresh incentives from the series of final services PMI reports from the Euro area economies and the retail sales data from the 19-nations bloc for further momentum.

    Moreover, the sentiment on the European equities, likely to be led by the oil price action, will provide fresh impetus to the EUR/USD pair. Meanwhile, the US dollar remains better bid ahead of the US ADP jobs report, which is usually seen as a proxy to Friday’s payrolls data. The ADP employment change is expected to show private sector jobs additions at 193,000 after 257,000 booked in Jan. In addition, ISM services PMI will be also reported later in the NY session.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance is seen at 1.0950/51 (round number/ Jan 29 High). A break beyond the last, doors will open for a test of 1.0969/75 (Jan 28 High/ daily R2). On the flip side, the immediate support is placed at 1.0905/00 (100-DMA / round number) below which 1.0874/70 (10-DMA / 1h 200-SMA) could be tested.
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