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EUR/USD extends the drop to 1.1080

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The selling mood is now gathering further steam around the shared currency, with EUR/USD testing the 1.1085/80 band.

    EUR/USD focus on 200-day sma?

    Spot accelerates its recent rejection from the 1.1220 area, or 3-week peaks following the ECB announcements on Thursday, in a context where the risk-on sentiment keeps growing bigger amongst traders.

    In addition, ECB’s VP V.Constancio has argued that there are limits to the central bank’s negative rate policy, somewhat collaborating with the downside.

    EUR/USD levels to watch

    The pair is now losing 0.80% at 1.1089 facing the next support at 1.1044 (200-day sma) ahead of 1.0985 (55-day sma) and then 1.0820 (post-ECB low Mar.10). On the upside, a breakout of 1.1218 (post-ECB high Mar.10) would expose 1.1339 (high Fe.9) and then 1.1379 (2016 high Feb.11).
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