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EUR/USD heads towards 1.1300 ahead of German data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The shared currency is seen attempting a tepid bounce from session lows against the US dollar in early Europe, with EUR/USD fighting hard to hold above 1.1300.

    EUR/USD trades above all major DMAs

    Currently, EUR/USD trades -0.18% lower at 1.1318, within a striking distance of session lows struck at 1.1311 in mid-Asia. The main currency pair is seen struggling just ahead of 1.13 handle, extending its corrective slide from 1.1364 - seven-week tops printed on Wednesday.

    The major ran through fresh offers at Tokyo open as the rate hit a stiff resistance place at 1.1342, and now reverts towards daily lows on the back of broad based US dollar recovery. On the wider perspective, EUR/USD looks to test 1.14 barrier as the US dollar remains on the defensive after dovish Yellen’s comments and a string of mixed Fed speaks, which puts the investors’ confidence in the US currency in disarray.

    Looking ahead, markets continue to cheer upbeat German CPI figures and now gear up for another eventful European session, with Euro zone CPI in the spotlight. While the German retail sales data remains in immediate focus for fresh incentives on the pair.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1339/44 (Mar 18 & 17 High). A break beyond the last, doors will open for a test of 1.1364/1.1373 (Mar 30 High/ daily R1). On the flip side, the immediate support is placed at 1.1286/84 (daily S1/ 1h 50-SMA) below which at 1.1259/30 (5-DMA/ 1h 100-SMA) could be tested.
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