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EUR/USD extends losses, hits 6-day low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The euro has continued giving up ground against a stronger dollar, with EUR/USD falling to fresh weekly lows as investors await the FOMC latest meeting minutes to be released during the American afternoon.

    EUR/USD
    has fallen more than half a cent throughout the day and hit a low of 1.1325 before finding support. There were no clear drivers behind USD broad gains while the pound is among the worst performers in the FX space.

    EUR/USD levels to watch

    At time of writing, EUR/USD is trading at 1.1337, down 0.4% on the day, with immediate supports seen at 1.1309 (Mar 31 low), 1.1287 (10-day SMA) and 1.1251 (20-day SMA). On the other hand, resistances line up at 1.1412 (Apr 4 high), 1.1437 (2016 high, Apr 1), 1.1494 (Oct 15 high) and 1.1560 (Aug 26 high).
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