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EUR/USD trims gains near 1.1150, Iran eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The single currency is giving away further gains on Wednesday, now sending EUR/USD to test the vicinity of 1.1150.

    EUR/USD attention to oil, US data

    The prevailing risk aversion now seems to be taking a breather, as equities in the Old Continent are trading in a ‘sea of green’ and putting the euro under extra pressure.

    In the meantime, market participants will remain vigilant on the events coming from Iran, where OPEC delegates will meet their Iranian peers later to discuss the output ‘freeze’.

    Data wise across the pond, Industrial Production, Capacity Utilization, Housing Starts and Building Permits will take centre stage ahead of the FOMC minutes, all due later in the NA session.

    EUR/USD levels to watch

    The pair is now advancing 0.10% at 1.1154 facing the next hurdle at 1.1220 (23.6% Fibo of December up-move) followed by 1.1378 (high Feb.11) and then 1.1460. On the flip side, a breakdown of 1.1059 (200-day sma) would target 1.0965 (61.8% Fibo of December up-move) and finally 1.0709 (YTD low Jan.5).
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