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EUR/USD turns lower and retraces most of its daily gains

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD came under sudden pressure over the last minutes and practically retraced all of its intraday gains as the dollar strengthened against its European peers.

    EUR/USD had reached a peak of 1.0939 as the euro benefited from the risk off tone, but failed to consolidate at highs and lost altitude. EUR/USD dropped below the 1.0900 level and hit a low of 1.0892, before the 100-hour SMA offered support. At time of writing, the pair is trading at 1.0898, just a few pips above its opening price.

    EUR/USD levels to watch

    As for technical levels, immediate supports could be found at 1.0890 (100-hour SMA), 1.0809 (Jan 29 low) and the 1.0777/70 zone (Jan 21 & 7 lows). On the upside, resistances are seen at 1.0939 (Feb 2 high), 1.0970 (100-day SMA), 1.1000 (psychological level) and 1.1052 (200-day SMA).
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