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EUR/USD regains the 1.1150 area

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After a brief test of the area around 1.1120, EUR/USD has now managed to pick up pace and regain the mid-1.1100s.

    EUR/USD supported at 1.1120 ahead of FOMC

    The daily recovery in crude oil prices is now running out of steam and removing a significant support for the risk appetite trends, allowing in turn some sort of pick up in the buying interest around the shared currency.

    Next of relevance for the pair will be today’s US releases, as Industrial Production, Capacity Utilization, Housing Starts and Building Permits are all due later ahead of the FOMC minutes.

    EUR/USD levels to watch

    The pair is now gaining 0.04% at 1.1147 facing the next hurdle at 1.1220 (23.6% Fibo of December up-move) followed by 1.1378 (high Feb.11) and then 1.1460. On the other hand, a break below 1.1059 (200-day sma) would target 1.0965 (61.8% Fibo of December up-move) en route to 1.0709 (YTD low Jan.5).
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