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EUR/USD clings to gains near 1.1240 ahead of PMIs, IFO

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The common currency is now trading in a narrow range vs. the greenback, taking EUR/USD to the 1.1245/40 band.

    EUR/USD attention to PMIs, IFO

    Spot keeps the recent range intact on Tuesday, navigating a tight 30-pip range for the time being ahead of the advanced manufacturing PMIs in Euroland and the German IFO indicator.

    Volatility remains absent so far this week, with the consolidative pattern likely to extend further in light of the Easter festivities and the Good Friday holiday.

    Data wise across the pond, manufacturing PMI is also due followed by the API’s weekly report on crude stockpiles.

    EUR/USD levels to watch

    The pair is now up 0.01% at 1.1243 facing the next hurdle at 1.1344 (high Mar.17) followed by 1.1378 (2016 high Feb.11) and then 1.1496 (monthly high Oct.15 2015). On the other hand, a breakdown of 1.1220 (23.6% Fibo of 1.0709-1.1378) would expose 1.1083 (20-day sma) and finally 1.1043 (200-day sma).
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