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EUR/USD wobbles around 1.1100, US data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The single currency is alternating gains with losses vs. the greenback on Tuesday, taking EUR/USD to the area around 1.1100 the figure.

    EUR/USD supported near 1.1080

    The pair has started the week on a softer note, although it has managed to bounce off the 1.1080 area on Monday and regain the key 1.1100 neighbourhood. EUR could not take advantage of the diminishing risk-on bias seen yesterday, as the recent ECB announcements and thin calendar in both the euro area and the US kept weighing on sentiment.

    Ahead in the session, EMU’s Employment Change in Q4 will offer almost nothing in terms of volatility, while US Retail Sales will take centre stage later, seconded by the NAHB index and the Empire State manufacturing index.

    EUR/USD levels to watch

    The pair is now up 0.01% at 1.1104 facing the next resistance at 1.1218 (post-ECB high Mar.10) ahead of 1.1339 (high Fe.9) and then 1.1379 (2016 high Feb.11). On the other hand, a breakdown of 1.1043 (200-day sma) would expose 1.1026 (55-day sma) and finally 1.0820 (post-ECB low Mar.10).
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