EUR/USD unable to pick up pace

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD made a tepid attempt to recover ground but failed to gather momentum and remained capped by the 1.0975 zone.

    EUR/USD retreated from Friday's peak and steadied around the 1.0950 level as investors continue to digest US employment data. At time of writing, EUR/USD is trading at 1.0960, down 0.38% on the day.

    Still the week started on a quiet note, as attention turns to the European central bank meeting on Thursday, with investors expecting the bank to launch more easing measures.

    On the data front, the Eurozone Sentix index fell to 5.5 in March from 6.0 the previous month and below the 8.0 expected while German Factory Orders contracted less than expected 0.1% during January (-0.1% vs -0.5% expected).

    There is no first-tier data scheduled for the rest of the day, with US consumer credit and speeches by Fed's Fischer and Brainard on tap.

    EUR/USD technical levels

    As for technical levels, next resistances line up at 1.1045 (200-day SMA), 1.1081 (20-day SMA) and 1.1100 (psychological level). On the other hand, supports could be found at 1.0902 (Mar 4 low), 1.0853 (Mar 3 low) and 1.0814 (Feb 1 low).
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