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EUR/USD above 1.1200, up more than 200 pips

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD extended gains and printed a fresh daily high at 1.1217, the strongest level since February 15. The pair is up almost 2%, having the best performance since November. From the lows, it has risen 400 pips.

    The euro gained momentum across the board during Mario Draghi’s press conference. It reversed to the upside after the ECB President signaled that rates could stay at current levels for a while. In a few minutes, EUR/USD erased all losses that followed the easing package announcement.

    EUR/USD technical perspective

    According to Valeria Bednarik, Chief Analyst at FXStreet, EUR/USD seems poised to continue advancing, as long as buying interest surges in pullbacks towards the 1.1120 level.

    “Intraday technical readings are in extreme overbought territory, but more relevant, the pair has breached the 61.8% retracement of its latest daily slide around 1.1160, the immediate support, while trading above its 100 and 200 DMAs. 1.1245 is the level to watch as a break above it can see the pair rallying up to 1.1460 a major long term resistance during the upcoming days”, said Bednarik.
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