EUR/USD regains hourly 200-MA, turns positive

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    A fresh bid wave pushed the EUR/USD above hourly 200-MA and in to the positive territory largely due to a rally in the EUR/GBP cross.

    Eyes 50-MA

    At 1.0965, the spot appears on track to test the 50-DMA located at 1.0974 levels. Prices slipped to a low of 1.0928; also the 100-DMA level; before recovering back above 1.0945 (hourly 200-MA)-1.0947 (50% of 1.0517-1.1376).

    The uptick could be explained by a 0.30% rise in the EUR/GBP cross. Meanwhile, European stocks are struggling to extend gains as well, which may have underpinned demand for EUR.

    The pair remains at the mercy of cross drive moves and equity market sentiment ahead of the US non-farm payrolls data release.

    EUR/USD Technical Levels

    The immediate resistance is seen at 1.0974 (50-DMA), above which the spot could target 1.10 (psychological figure + rising trend line resistance), which is followed by a major hurdle at 1.1045 (200-DMA). On the other hand, a break below 1.0947 (50% of 1.0517-1.1376) could see prices re-test 100-DMA at 1.0928. A break lower would expose 1.09 levels.
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