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EUR/USD unmotivated near 1.0950

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The European currency keeps the negative note on Monday, with EUR/USD hovering over the area of daily lows around 1.0950.

    EUR/USD focus on US data, ECB

    The pair has abandoned the area of recent peaks around the critical 200-day sma in the vicinity of 1.1050, coming down nearly a cent after the greenback seems to have resumed its upside momentum following last Friday’s Payrolls numbers.

    Spot remains vulnerable in light of the upcoming ECB meeting (Thursday), although increasing scepticism over the likeliness of proper action by the central bank continues to sustain the ongoing resilience of EUR.

    Data wise in Euroland, the Sentix index has disappointed markets at 5.5 for the current month, while German Factory Orders has contracted less than expected 0.1% during January. On the USD side, the Fed’s LMCI is due later followed by speeches by Brainard and Fischer.

    EUR/USD levels to watch

    The pair is now losing 0.43% at 1.0953 and a break below 1.0916 (100-day sma) would expose 1.0867 (76.4% Fibo of 1.0709-1.1379) and finally 1.0823 (low Mar.2). On the other hand, the next up barrier aligns at 1.1046 (200-day sma) ahead of 1.1054 (20-day sma) and then 1.1071 (high Feb.26).
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