16 Feb 2016
EUR/USD stronger, eyes 1.1200 on oil slump
The buying interest around the single currency is gathering further steam, sending EUR/USD to the area of session highs near the 1.1200 barrier.
EUR/USD advances further ahead of ZEW
The pair has intensified its upside momentum after crude oil prices have dipped below the key $30.00 handle following the closed-door meeting between oil ministers from Venezuela, Qatar, Saudi Arabia and Russia in Doha.
After the meeting, officials have argued that an agreement to freeze production should be contingent with other producers acting in the same direction, pouring cold water over expectations of an imminent output cut/freeze.
Back to Euroland, the German ZEW Survey is due later, although the current risk appetite trends appear to be more important in determining the near term price action for the pair.
EUR/USD levels to watch
The pair is now up 0.25% at 1.1181 with the next hurdle at 1.1378 (high Feb.11) ahead of 1.1460 (monthly high Sep.18) and then 1.1496 (monthly high Oct.15). On the flip side, a breach of 1.1084 (low Feb.8) would target 1.1078 (20-day sma) and finally 1.1026 (200-day sma).
EUR/USD advances further ahead of ZEW
The pair has intensified its upside momentum after crude oil prices have dipped below the key $30.00 handle following the closed-door meeting between oil ministers from Venezuela, Qatar, Saudi Arabia and Russia in Doha.
After the meeting, officials have argued that an agreement to freeze production should be contingent with other producers acting in the same direction, pouring cold water over expectations of an imminent output cut/freeze.
Back to Euroland, the German ZEW Survey is due later, although the current risk appetite trends appear to be more important in determining the near term price action for the pair.
EUR/USD levels to watch
The pair is now up 0.25% at 1.1181 with the next hurdle at 1.1378 (high Feb.11) ahead of 1.1460 (monthly high Sep.18) and then 1.1496 (monthly high Oct.15). On the flip side, a breach of 1.1084 (low Feb.8) would target 1.1078 (20-day sma) and finally 1.1026 (200-day sma).