EUR/USD trims losses as weak oil weighs over US stock index futures

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Oil driven losses in the major US equity index futures helped common currency regain poise, thus ensuring the EUR/USD pair recovered losses to trade largely unchanged on the day around 1.1030.

    Eyes US stocks

    At the time of writing, the S&P 500 futures were indicating the index could open 0.25% or 5 points lower on the day. Dow and Nasdaq futures were pointing to a moderate weak opening as well. Moreover, drop in oil could be weighing over the futures.

    Consequently, the EUR/USD pair recovered from the daily low of 1.1098 levels. Pair was rejected in early Europe at 1.1173 (23.6% of 1.0517-1.11376).

    EUR/USD Technical Levels

    The immediate support is seen at 1.11-1.1091 (5-DMA), under which the spot could drift lower to 1.1048 (38.2% of 1.0517-1.1376), which if taken out would expose 1.10 handle. On the other hand, a break above resistance at 1.1173 (23.6% of 1.5017-1.1376) would expose 1.1218 (Mar 10 high) and finally 1.1245 (Feb 5 high).
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