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EUR/USD jumped to hourly 50-MA, eyes US Fed minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The moderate risk-off in Asia and dovish expectations from Fed minutes, pushed the EUR/USD pair to its hourly 50-MA at 1.1163 in Asia.

    Rebounds from 61.8% Fibo

    The spot found bids around 1.1121 (61.8% of 1.1495-1.0517) in Asia. The Asian stocks were wobbly and that helped the funding currency gain ground against the USD. Furthermore, markets expect the Fed minutes to show the rate hike is highly unlikely in March.

    Ahead of the Fed minutes, the spot could take cues from the European equities and Eurozone trade balance figures.

    EUR/USD Technical Levels

    The immediate hurdle is seen at 1.12, above which the spot could target 1.1236 (38.2% of Mar low – Aug high). On the other hand, A breakdown of 1.1121 (61.8% of 1.1495-1.0517) could open doors for a drop to 1.1088 (50% of Mar low – Aug high).
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