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EUR/USD dips below 50-DMA as US dollar finds bids

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The US dollar is trimming Friday’s losses across the board, courtesy of which the EUR/USD pair has dipped below its 50-DMA located at 1.0975.

    Tests confluence of 10-DMA and 50% Fibo level

    The pair fell to 1.0947 (confluence of 10-DMA and 50% Fibo of 1.0517-1.1376). The greenback is retracing losses it suffered due to weak wage growth figures released in the NY session on Friday.

    As of now, the major European equities are trading moderately lower, despite which EUR is taking a hit. Moreover, dovish expectations surrounding Thursday’s ECB decision could be restricting demand for Euros. With no major data due for release, the spot is at the mercy of overall demand for the US dollars.

    EUR/USD Technical Levels

    The pair currently trades around 1.0950. The immediate support is seen at 1.0947 (confluence of 10-DMA and 50% Fibo of 1.0517-1.1376), under which the spot could drift lower to 100-DMA at 1.0925. On the other hand, A break above 1.0975 (50-DMA) could see prices re-test 1.0997 (daily high)-1.10 handle.
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