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EUR/USD at 2-week lows after FOMC, ECB minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD has entered a consolidation phase around 1.1100 and near 2-week lows as investors digest Fed and ECB minutes, which coincidentally underlined that downside risks to their economies have increased over the last couple of months.

    EUR/USD fell below the 1.11 mark and hit its lowest level in two weeks at 1.1070 before finding support and recovering some ground. However, the bounce was capped by the 1.1110 area, confining the pair yo a sideways phase. At time of writing, EUR/USD is trading at 1.1085, down 0.38% on the day,

    EUR/USD levels to watch

    As for technical levels, immediate supports are seen at 1.1055 (200-day SMA) and 1.0963 (100-day SMA). On the flip side, resistances could be faced at 1.1178 (Feb 17 high), 1.1200 (10-day SMA) and 1.1249 (Feb 15 high).
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