FXStreet (Guatemala) – Valeria Bednarik, chief analyst at FXStreet explained that the common currency failed to attract investors this Tuesday, with the EUR/USD pair wobbling around the 1.0845 Fibonacci level for most of the day.
Key Quotes:
“Not even crude woes helped the pair in setting a direction, although it surely set the tone among stocks. The early decline in the commodity resulted in a sharp fall for Asian shares that extended early Europe. But mid London session, oil recovered above $31.00 a barrel, reverting the early risk-averse trading.
The EUR/USD pair bounced from a daily low of 1.0810, helped by soft US data, as the service sector output expanded at the slowest pace since December 2014 according to the Markit Flash Services PMI for January, printing 53.7 against expectations of 54.0 and the previous 54.3. The manufacturing sector also suffered, as the Richmond Fed Manufacturing index shrunk to 2 in the same month, compared to expectations of 3.”
(Market News Provided by FXstreet)