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EUR/USD recovers from lows, but remains capped by 200-day SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD bounced from daily lows and erased intraday losses as investors shrugged off positive US data and Wall Street stocks turned lower weighed by oil prices.

    EUR/USD found support at 1.0985 and climbed more than 80 pips over the last couple of hours to reach a session high of 1.1039. However, the pair stalled just shy of its European high and the 200-day SMA at the 1.1044/47 zone. At time of writing, the pair is trading at 1.1029, still up 0.15% on the day.

    Investors attention turn to Eurozone confidence data, German CPI and US Q4 GDP revision to be released on Friday.

    EUR/USD technical levels

    As for technical levels, immediate resistances could be found at 1.1047 (200-day SMA), 1.1138 (Feb 19 high) and 1.1178 (Feb 17 high). On the other hand, supports are seen at 1.0955 (100-day SMA) and 1.0903/00 (Feb 3 low/psychological level) ahead of 1.0882 (Feb 2 low).
    For more information, read our latest forex news.
     

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