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9 Feb 2016

EUR/USD: Bulls working hard to extend gains above 1.12

The bid tone around EUR/USD stays intact, but is having a tough time extending gains above key resistance levels despite risk-off in the equities.

Offered near Key Fibo level

The spot is struggling to chew through offers in the range of 1.1225-1.1236 (38.2% of Mar low-Aug high). Early gains in the European stocks pushed the pair lower, but offered tone weakened around the hourly 50-MA support at 1.1162 levels.

Furthermore, stock markets fell into losses. Hence, the spot turned higher and now trades around 1.1220 levels. The US data docket is light, thus pair is at the mercy of the broader market sentiment.

EUR/USD Technical Levels

The immediate hurdle is seen at 1.1236 (38.2% of Mar low-Aug high), which if taken out shall open doors for a test of 1.1293 (23.6% of May 2014 high-March 2015 low). On the other side, a break below 1.12 would expose the hourly 50-MA support at 1.1162 (daily low).

Feb 9, 2016

EURUSD: Contracting range between 1.0450 and 1.17 – Lloyds Bank

Research Team at Lloyds Bank, suggests that intra-day swings in EURUSD are violent in this very low liquidity environment.

GBPUSD: Downtrend remains intact – Lloyds Bank

Research Team at Lloyds Bank, suggests that the GBPUSD trend from the 1.60 region remains intact after the rally from the 1.4080 lows set on the 21st Jan held key trend resistance in the 1.4650 region.