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EUR/USD trims gains, back to test 1.09

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The shared currency has surrendered part of its stab to recent highs in the 1.0970 area vs. the dollar, prompting EUR/USD to return to the 1.09 neighbourhood.

    EUR/USD focus on EMU, US data

    The pair’s bullish attempt has once again proved unsuccessful to overcome the psychological area around 1.1000, shedding initial gains and coming back to the vicinity of 1.0900 the figure ahead of the opening bell in Euroland.

    Spot will remain under scrutiny however, in light of the upcoming results of EMU’s flash CPI for the current month and the advance Q4 GDP figures in the US economy.

    EUR/USD levels to watch

    The pair is now retreating 0.35% at 1.0902 and a breach of 1.0871 (20-day sma) would aim for 1.0777 (post-ECB low Jan.21) and finally 1.0737 (38.2% Fibo of 1.0538-1.1059). On the upside, the initial barrier aligns at 1.0969 (high Jan.28) followed by 1.1000 (psychological level) en route to 1.1056 (200-day sma).
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