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22 Feb 2016
EUR/USD dips below 1.11 as Stoxx 50 rallies 1%
The offered tone around EUR strengthened due to the rally in the European equities, pushing the EUR/USD below 1.11 levels.
Hovers around 50% Fibo level
The spot currently trades around 1.1088 (50% of Mar low-Aug high). The pair was supported by the rally in EUR/GBP cross on account of broad based GBP selling. However, the equity markets in Europe rallied more than 1% and eventually weighed over the EUR/USD pair.
The immediate focus now is on the German manufacturing and services PMI release. Ahead of the US data, the spot could continue to track the equity market sentiment.
EUR/USD Technical Levels
The immediate hurdle is seen at 1.1127 (5-DMA), above which the pair could make an attempt at a major hurdle seen at 1.1189 (10-DMA). On the other hand, a breakdown of immediate support at 1.1052 (200-DMA) would open doors for a slide to 1.10 levels.
Hovers around 50% Fibo level
The spot currently trades around 1.1088 (50% of Mar low-Aug high). The pair was supported by the rally in EUR/GBP cross on account of broad based GBP selling. However, the equity markets in Europe rallied more than 1% and eventually weighed over the EUR/USD pair.
The immediate focus now is on the German manufacturing and services PMI release. Ahead of the US data, the spot could continue to track the equity market sentiment.
EUR/USD Technical Levels
The immediate hurdle is seen at 1.1127 (5-DMA), above which the pair could make an attempt at a major hurdle seen at 1.1189 (10-DMA). On the other hand, a breakdown of immediate support at 1.1052 (200-DMA) would open doors for a slide to 1.10 levels.