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EUR/USD clings to 1.0900 in quiet trade

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/USD has spent most of the day in a tight range around 1.0900, amid slow price action with US markets closed in observance of Martin Luther King Day and no economic releases from Europe.

    EUR/USD briefly dipped below the 100-hour SMA during American trade and bottomed out at 1.0868 before bouncing back to its comfort zone just below 1.0900. At time of writing, the pair is trading at 1.0895, 0.21% below its opening price.

    Immediate market focus turns to Chinese GDP and retail sales figures due next Asian session. In the Eurozone, CPI figures will be published on Tuesday ahead of the ECB decision on Thursday. In the US, consumer inflation numbers will be released on Wednesday.

    EUR/USD technical levels

    As for technical levels, immediate supports are seen at 1.0870/68 (200-hour SMA/Jan 18 low), 1.0813 (50-day SMA), 1.0804/00 (Jan 13 & 8 lows/psychological level), 1.0770 (Jan 7 low) and then 1.0710 (Jan 5 low).On the upside, next resistances could be found at 1.0984 (Jan 15 high), 1.1008 (100-day SMA), 1.1043 (200-day SMA) and 1.1100 (psychological level).
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