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EUR/USD turns back down, hits fresh lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD changed course once again and dropped to fresh daily lows during the American afternoon as market’s mood switched back to positive.

    With oil prices and US stocks staging a rebound, EUR/USD came under pressure and dipped below the 200-hour SMA to a fresh daily low of 1.0880 in recent dealings. At time of writing, the pair is trading at 1.0890, 0.16% below its opening price.

    After being rejected by a high of 1.0975, EUR/USD spent most of the New York session oscillating around 1.0900, but unable to set a longer-term direction. The pair has exhibit a similar behaviour in previous sessions, as sentiment continues to drive market moves.

    EUR/USD levels to consider

    In terms of technical levels, on the downside, next supports are seen at 1.0817 (50-day SMA), 1.0804/00 (Jan 13 & 8 lows/psychological level), 1.0770 (Jan 7 low) and 1.0710 (Jan 5 low). On the upside, immediate resistances line up at 1.0975/84 (Jan 20 & 15 highs), 1.1000/02 (psychological level/100-day SMA), 1.1047 (200-day SMA) and 1.1100 (psychological level).
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