EUR/USD Trims Losses as Weak Oil Weighs Over US Stock Index Futures

EUR/USD Trims Losses as Weak Oil Weighs Over US Stock Index Futures

14 March 2016, 14:55
Roberto Jacobs
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EUR/USD Trims Losses as Weak Oil Weighs Over US Stock Index Futures

Oil driven losses in the major US equity index futures helped common currency regain poise, thus ensuring the EUR/USD pair recovered losses to trade largely unchanged on the day around 1.1030.

Eyes US stocks

At the time of writing, the S&P 500 futures were indicating the index could open 0.25% or 5 points lower on the day. Dow and Nasdaq futures were pointing to a moderate weak opening as well. Moreover, drop in oil could be weighing over the futures.

Consequently, the EUR/USD pair recovered from the daily low of 1.1098 levels. Pair was rejected in early Europe at 1.1173 (23.6% of 1.0517-1.11376).

EUR/USD Technical Levels

The immediate support is seen at 1.11-1.1091 (5-DMA), under which the spot could drift lower to 1.1048 (38.2% of 1.0517-1.1376), which if taken out would expose 1.10 handle. On the other hand, a break above resistance at 1.1173 (23.6% of 1.5017-1.1376) would expose 1.1218 (Mar 10 high) and finally 1.1245 (Feb 5 high).

(Market News Provided by FXstreet)

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