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EUR/USD above 50-DMA as US equity index futures retreat

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The bid tone around the EUR gathered pace amid the drop in the US equity index futures, pushing the EUR/USD pair above 50-DMA 1.0824 levels.

    At fresh daily highs

    The spot traded at the fresh daily high of 1.0838 at the time of the writing. The funding currency EUR strengthened as the losses in the US equity index futures indicate carry unwind ahead in the day. The losses in the energy shares also kept the demand for the EUR intact.

    Ahead in the day, the spot remains at the mercy of the sentiment on the Wall Street. The regional US manufacturing indices may receive little attention from the markets if the risk aversion worsens.

    EUR/USD Technical Levels

    The immediate resistance is seen at 1.0869 (5-DMA and 10-DMA), above which the pair could target 1.0890 (38.2% of 1.1495-1.0517). A break higher would expose 1.0922 (Thursday’s high). On the other hand, a break below 1.08 would open doors for a re-test of 1.0783 (daily low), under which the prices could test bids at 1.0748 (23.6% of 1.1495-1.0517).
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