EUR/USD depressed around 1.1270 ahead of US data, Fedspeak

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The demand for the single currency remains subdued at the end of the week, with EUR/USD navigating the 1.1265/60 band, or session lows.

    EUR/USD trims gains on USD advance

    The prevailing bid tone around the greenback keeps undermining occasional bullish attempts in the pair, prompting it to break below the critical 1.1300 support towards current lows in the 1.1265/60 band.

    With the dollar on a firmer fashion today, the flash Reuters/Michigan index is expected a tad higher for the current March, while speeches by FOMC’s Rosengren and Bullard will grab markets attention later in the NA session.

    EUR/USD levels to watch

    The pair is now losing 0.45% at 1.1267 facing the next support at 1.1220 (23.6% Fibo of 1.0709-1.1378) ahead of 1.1043 (200-day sma) and finally 1.1012 (55-day sma). On the other hand, a breakout of 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) and then 1.1496 (monthly high Oct.15 2015).
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