EUR/USD unmotivated near 1.10, German CPI on sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The upside momentum around the common currency seems to have evaporated during the European morning, relegating EUR/USD to the current 1.1025/20 band.

    EUR/USD attention to German data

    Spot has given away its initial spike to the 1.1070 region posted during overnight trading, although sellers could not break below the psychological support at 1.10 the figure amidst swelling risk appetite.

    Following poor results from EMU’s Economic Sentiment and Consumer Confidence, next on tap will be the preliminary inflation figures in Germany for the current month, expected to have advanced 0.2% on a yearly basis, all ahead of the more relevant Q4 GDP readings in the US economy.

    EUR/USD levels to watch

    The pair is now losing 0.05% at 1.1018 and a break below 1.0974 (55-day sma) would expose 1.0955 (low Feb.24) and finally 1.0867 (76.4% Fibo of December up-move). On the other hand, the immediate hurdle aligns at 1.1120 (20-day sma) ahead of 1.1220 (23.6% Fibo of December up-move) and then 1.1379 (2016 high Feb.11).
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