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EUR/USD finds resistance at 50-day SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD extended gains and reached a fresh weekly high before the rally was capped by the 50-day SMA.

    EUR/USD advanced sharply on Thursday amid broad USD weakness and broke above the 100-day SMA following the latest string of mixed US data, which showed ISM services PMI came in at 53.4, mostly line with expectations while factory orders grew by 1.6% versus 2.0% of consensus.

    The pair stretched to a peak of 1.0972, before losing momentum and retreating slightly. At time of writing, EUR/USD is trading at 1.0938, still up 0.65% on the day.

    EUR/USD levels to watch

    As for technical levels, immediate resistances are seen at 1.0972 (50-day SMA), 1.1000 (psychological level) and 1.1045 (200-day SMA). On the other hand, supports could be found at 1.0853 (Mar 3 low), 1.0814 (Feb 1 low) and 1.0777 (Jan 21 low).
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