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EUR/USD stabilizes around 1.1400, eyes on Yellen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD has steadied in a narrow range around 1.1400 over the last hours after a choppy session that saw the pair fell more than a cent from fresh year-to-date highs to find support at the 200-hour SMA.

    EUR/USD retreated from a peak of 1.1453 to a low of 1.1337 and finally settled at mid-range as investors await a speech from Fed Chair Janet Yellen.

    On Wednesday, minutes from latest FOMC minutes showed some members were ready to tighten policy further while others wanted to take a cautious stance. Overall, FOMC minutes emphasized the decision will be live and will remains data-dependant.

    On the other side of the pond, ECB minutes showed Thursday, the Governing Council discussed a deeper rate cut in March.

    EUR/USD technical levels

    In terms of technical levels, EUR/USD could find immediate supports at 1.1326 (Apr 6 low), 1.1309 (Mar 31 low) and 1.1265 (20-day SMA). On the other hand, resistances line up at 1.1453 (2016 high, Apr 7), 1.1494 (Oct 15 high) and 1.1560 (Aug 26 high).
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