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EUR/USD well supported at 1.09, US data eyed

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - EUR/USD has faded the initial spike to the 1.0950 area on Monday, although the down move seems to have found decent support in the 1.09 neighbourhood.

    EUR/USD looks to German data

    After auspicious results from December manufacturing PMIs in the euro region, market participants are now focused on the preliminary figures from the German CPI during the last month, where consumer prices would have gained 0.6% on a yearly basis.

    In the meantime, spot is managing well to keep the trade above the 1.0900 mark ahead of the US data releases, which include the significant ISM Manufacturing and Markit’s manufacturing PMI.

    EUR/USD levels to consider

    At the moment the pair is up 0.45% at 1.0910 facing the next hurdle at 1.1046 (200-day sma) followed by 1.1130 (61.8% Fibo of 1.1496-1.0538) and then 1.1158 (downtrend from 1.1713). On the other hand, a breakdown of 1.0808 (low Jul.20) would aim for 1.0753 (23.6% Fibo of 1.1496-1.0538) and finally 1.0538 (low Dec.3).
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