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EUR/USD unchanged near 1.1150, ZEW eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - After a brief adventure to the 1.1180 area, EUR/USD has now returned to the mid-1.1100s ahead of the opening bell in the Old Continent.

    EUR/USD attention to ZEW

    Spot has surrendered initial gains after the risk-off trade has irrupted once again during the Asian trading hours, amidst marginal gains in the Nikkei and a solid 3% advance in Chinese equities.

    In the meantime, the pair is retreating for the third session in a row, down from last week’s tops near 1.1400 the figure, as the greenback remains firm and Draghi dovish comments before Parliament seem to have alleviated the upside pressure somehow.

    Ahead in the session, the German ZEW Survey will take centre stage, while the meeting between Russian and Saudi oil officials will be key for the risk appetite trends.

    EUR/USD levels to watch

    The pair is now up 0.03% at 1.1157 and a breach of 1.1084 (low Feb.8) would target 1.1078 (20-day sma) and finally 1.1026 (200-day sma). On the flip side, the next up barrier lines up at 1.1378 (high Feb.11) ahead of 1.1460 (monthly high Sep.18) and then 1.1496 (monthly high Oct.15).
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