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5 Feb 2016
EUR/USD stranded below 1.12 as European equities rise
The EUR bulls have turned cautious amid the positive action in the European equities, leaving the EUR/USD stranded below 1.12 levels.
EUR rejected at 1.12
The spot has made numerous failed attempts to sustain or take out 1.12 levels since Asian session. The latest attempt failed on account of the 0.4% gain seen in the major European stocks markets. The data calendar is light; hence stocks could continue to guide the EUR/USD pair ahead of the US NFP release.
The spot currently trades around 1.1190. The bullish momentum ran out steam at 1.1236 (38.2% of Mar low-Aug high) in the NY session.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1236 (38.2% of Mar low-Aug high), above which the pair could rise to 1.13 levels. On the other hand, a break below 1.1145 (hourly chart support) could see the spot test the hourly 50-MA located at 1.1115.
EUR rejected at 1.12
The spot has made numerous failed attempts to sustain or take out 1.12 levels since Asian session. The latest attempt failed on account of the 0.4% gain seen in the major European stocks markets. The data calendar is light; hence stocks could continue to guide the EUR/USD pair ahead of the US NFP release.
The spot currently trades around 1.1190. The bullish momentum ran out steam at 1.1236 (38.2% of Mar low-Aug high) in the NY session.
EUR/USD Technical Levels
The immediate resistance is seen at 1.1236 (38.2% of Mar low-Aug high), above which the pair could rise to 1.13 levels. On the other hand, a break below 1.1145 (hourly chart support) could see the spot test the hourly 50-MA located at 1.1115.