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EUR/USD wobbles around 1.1160 post-European open

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The single currency is alternating gains with losses on Tuesday, taking EUR/USD to the area of 1.1150/60 so far.

    EUR/USD eyes on ZEW, oil

    Spot is trading almost unchanged today following another auspicious European open, with equities firmly up against a backdrop of rallying oil prices and the upcoming ZEW Survey in Germany.

    In addition, market participants remain vigilant on the press conference following the closed-door meeting between Venezuelan, Saudi, Russian and Qatar oil ministers in Doha, all amidst increasing hopes of an output cut.

    EUR/USD levels to watch

    The pair is now up 0.09% at 1.1165 with the next hurdle at 1.1378 (high Feb.11) ahead of 1.1460 (monthly high Sep.18) and then 1.1496 (monthly high Oct.15). On the flip side, a breach of 1.1084 (low Feb.8) would target 1.1078 (20-day sma) and finally 1.1026 (200-day sma).
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