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EUR/USD weaker, wobbles around 1.10

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The single currency is accelerating its daily decline today, sending EUR/USD to test lows near 1.0990.

    EUR/USD focus on US data

    The sentiment towards the greenback is gathering further traction during the European morning, allowing the current leg lower to break below yesterday’s troughs around 1.10 the figure.

    Poor results from the German IFO earlier in the session have added downside pressure to EUR, collaborating with the pullback from overnight highs in the mid-1.10s.

    EUR/USD levels to watch

    The pair is now losing 0.13% at 1.1009 facing the next support at 1.0990 (low Feb.23) followed by 1.0965 (61.8% Fibo of December up-move) and finally 1.0709 (YTD low Jan.5). On the other hand, a break above 1.1112 (20-day sma) would open the door to 1.1123 (38.2% Fibo of December up-move) and then 1.1220 (23.6% Fibo of December up-move).
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