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EUR/USD flat-lined around 1.0885, awaits German data

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 EUR/USD pair extends its consolidative phase into early Europe and keeps range below 1.09 handle, largely unperturbed by the prevalent risk-sentiment.

    EUR/USD capped below 100-DMA at 1.0897

    Currently, EUR/USD trades modestly flat at 1.0885, having found good support near 1.0870 region. The main currency pair trades around a flat-line so far this session and fails every attempt to regain 100-DMA barrier.

    The major finds support from a broadly lower US dollar after the yesterday’s dismal US pending home sales and Chicago PMI numbers. While the ongoing comments from the NY Fed President Dudley on the US economic outlook, also keeps the greenback on the back foot. The USD index slips -0.11% near fresh session lows of 98.11.

    While the upside looks restricted mainly on the back of favourable risk sentiment as the Asian equities stage a solid rebound, and thereby, weigh on the safe-haven bids for the EUR. Looking ahead, markets now await the European open as well as the German employment data for fresh momentum on the pair.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.0897/1.0900 (100-DMA/ round number). A break beyond the last, doors will open for a test of 1.0930/45 (5-DMA/ daily R1). On the flip side, the immediate support is placed at 1.0859 (Feb 29 Low) below which at 1.0812/09 (Feb 1 & Jan 29 Low) could be tested.
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