EUR/USD Holding on to 1.1100
The single currency remains unable to gather traction on Monday, relegating EUR/USD to the 1.1100 neighbourhood following the NA open.
EUR/USD weaker on USD-buying
Despite the prevailing selling interest, the pair manages quite well to keep the 1.1100 handle, a break of which could allow a re-visit of Friday’s lows in the 1.1080 region.
In the meantime, crude oil prices are intensifying their decline, hurting the riskier assets while the demand for the US dollar remains solid.
In the data space, EMU’s Industrial Production figures have come in on the stronger side during January, although market participants paid little attention to the releases.
EUR/USD levels to watch
The pair is now retreating 0.38% at 1.1107 facing the immediate support at 1.1042 (200-day sma) followed by 1.1025 (55-day sma) and finally 1.0820 (post-ECB low Mar.10). On the other hand, a surpass of 1.1218 (post-ECB high Mar.10) would target 1.1339 (high Fe.9) en route to 1.1379 (2016 high Feb.11).
(Market News Provided by FXstreet)
