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EUR/USD drops further post-US data, around 1.0840

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The European currency is falling further on Tuesday, now dragging EUR/USD to print fresh lows in the 1.0840 area.

    EUR/USD weaker on upbeat US ISM

    The pair met further selling interest after the key US ISM manufacturing has surprised investors to the upside, coming in at 49.5 for the month of February vs. 48.5 expected and January’s 48.2. The result adds to the previous auspicious reading from Markit’s manufacturing PMI, bettering consensus during the same period.

    Spot has thus deflated to fresh 4-week troughs, although some decent support seems to have emerged around 1.0840 for the time being.

    EUR/USD levels to watch

    The pair is now losing 0.22% at 1.0854 and a break below 1.0809 (low Jan.29) would target 1.0777 (low Jan.21) en route to 1.0709 (2016 low Jan.5). On the other hand, the next up barrier aligns at 1.0970 (55-day sma) ahead of 1.1047 (200-day sma) and then 1.1123 (38.2% Fibo of December up-move).
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