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EUR/USD: 200-DMA is a tough nut to crack

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The EUR/USD pair was offered again at the 200-DMA level of 1.1045 despite china-led risk off in the major European equities.

    Eyes Eurozone GDP

    The immediate focus is on the Eurozone Q4 GDP, which is expected to remain unchanged at 0.3% q/q and 1.5% y/y. Traders may look through data on signs of heightened risk-off in the equity markets.

    The major European indices opened lower by about 0.5% and extended losses to trade at least 1.3% lower on the day. Consequently, the EUR/USD made an attempt to take out 200-DMA, but failed.

    EUR/USD Technical Levels

    The pair currently trades 0.17% higher on the day around 1.1030. The immediate hurdle is seen at 1.1045 + 1.1048 (200-DMA + 38.2% of 1.0517-1.1376), ahead of the resistance at 1.1087 (Sep 3 low) and 1.11 (psychological number). On the other hand, a break below 1.10 (psychological figure + daily low) would expose 50-DMA 1.0978, under which losses could be extended to 1.0922 (100-DMA).
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