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EUR/USD unstoppable, 1.1200 closer

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The European currency extends its buying interest today, now pushing EUR/USD to the 1.1180/85 band, fresh highs.

    EUR/USD in 4-month highs

    Spot keeps the needle-like upside alive during the second half of the week, now trading closer to the 1.1200 handle ahead of tomorrow’s critical Non-farm Payrolls in the US economy.

    In the meantime, the pair’s upside keeps deriving support from the selling mood around the dollar, which remains unabated in light of US Initial Claims and Factory Orders, due later.

    EUR/USD levels to watch

    The pair is now advancing 0.59% at 1.1175 facing the next hurdle at 1.1200 (psychological level) ahead of 1.1496 (high Oct.15) and finally 1.1713 (post-PBoC high Aug.24). On the downside, a breach of 1.1054 (200-day sma) would open the door to 1.0906 (20-day sma) and finally 1.0777 (post-ECB low Jan.21).

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