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EUR/USD stays comatose around 1.12, poised for a weekly gain?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The common currency is doing very little despite uptick in the European stocks, leaving the EUR/USD pair comatose around 1.12 levels.

    Weekly gain looks a done deal

    At around 1.12, the spot is trading at least 350 pips above its weekly opening price of 1.0829. The gains could be trimmed in case the US non-farm payrolls print higher than estimates. However, it would take a seriously strong NFP number to push the pair down to its opening price.

    Moreover, a move of 350 pips usually appears on central bank actions and not on the back of economic data sets. Hence, a weekly gain looks like a done deal.

    EUR/USD Technical Levels

    The immediate resistance is seen at 1.1236 (38.2% of Mar low-Aug high), above which the pair could rise to 1.13 levels. On the other hand, a break below 1.1145 (hourly chart support) could see the spot test the hourly 50-MA located at 1.1115.
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