EUR/USD spikes to 1.1185 as European stocks nose-dive

A renewed bout of selling interest seen around the European markets dented the sentiment and lifted the EUR/USD pair towards 1.1200 levels.

EUR/USD finally breaks beyond 1.1150

Currently, EUR/USD trades 0.19% higher at 1.1176, hovering close to fresh session highs reached at 1.1183 few minutes back. The demand for safe/ low yielding currencies was on the rise as risk-off trades intensified after the European stocks plunged sharply, as the oil price recovery faltered. Germany’s DAX dives -1.90%, the UK’s FTSE drops -1.13%, while the pan-European benchmark, the Euro Stoxx slides -1.60%.

Moreover, the US dollar snapped its NFP-led rebound and resumed its recent downtrend against the major competitors, which also further boosted the EUR/USD pair. The USD index drops -0.14% to 96.84, reversing from 97.18 daily highs.

Meanwhile, markets ignore the downbeat Euro zone Sentix investors’ confidence numbers and continue to track the sentiment on the European stocks for fresh moves on the major.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance is seen at 1.1200 (round number). A break beyond the last, doors will open for a test of 1.1240/46 (Feb 4 & 5 High). On the flip side, the immediate support is placed at 1.1107/00 (Feb 5 Low) below which at 1.1068/65 (Feb 4 Low/ 1h 100-SMA) could be tested.

A renewed bout of selling interest seen around the European markets dented the sentiment and lifted the EUR/USD pair towards 1.1200 levels.

(Market News Provided by FXstreet)

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