EUR/USD - Slide Stalls After Four Day Losing Streak
EUR/USD has recovered from Asian session low to trade largely unchanged on the day around 1.1175 as bears are taking a breather following the pair's four day losing streak.
Trades above 23.6% Fibo support
The pair sits just above 1.1173 (23.6% Fibo of 1.0517-1.1376) levels. Profit taking on USD shorts last friday, followed by hawkish talk from Fed officials this week and increased demand for dollars translated into a four-day losing streak.
Eurozone data calendar shows German gfk consumer confidence and monthly ECB economic bulletin is due for release today. Across the pond, durable goods orders figure and initial jobless claims number will hit the wires later today.
EUR/USD Technical Levels
The immediate hurdle is seen at 1.12 (psychological figure), ahead of a major resistance at 1.1242 (5-DMA) and 1.1285 (Mar 21 high). On the other hand, a breakdown of 1.1173 (23.6% of 1.0517-1.1376) would open doors for a drop to 1.1115 (50% of 1.1714-1.0517) and 1.11 levels.
(Market News Provided by FXstreet)