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EUR/USD in fresh 3-week lows, around 1.1020

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The common currency is quickly losing ground vs. the dollar today, sending EUR/USD to test multi-week lows in the 1.1020 area.

    EUR/USD lower on sentiment, USD

    The pair is receding around a cent since today’s highs in the 1.1125/20 band, dragged lower by a renewed buying interest around the dollar and mounting risk appetite following the strong recovery of crude oil prices.

    On the data front, disappointing results from flash manufacturing/services PMIs in Euroland for the current month have been also weighing on ER-sentiment, while Markit’s manufacturing PMI is expected in the US economy along with the Chicago Fed National Activity Index.

    EUR/USD levels to watch

    The pair is now losing 0.90% at 1.1028 and a breakdown of 1.1000 (psychological level) would target 1.0965 (61.8% Fibo of December up-move) and finally 1.0709 (YTD low Jan.5). On the other hand, the next up barrier aligns at 1.1220 (23.6% Fibo of December up-move) followed by 1.1378 (high Feb.11) and then 1.1496 (monthly high Oct.20 2015).
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