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

By FXStreet 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).
For more information, read our latest forex news. …read more

Source:: FX Street