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EUR/USD: Supply capping minor-recovery near 1.1030

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD erases gains and retreats from session highs in the late-Asian session, although manages to hold above 1.10 handle.

    EUR/USD supported at 1.1000

    Currently, EUR/USD trades flat at 1.1018, retracing from fresh session highs reached at 1.1027 in the last hour. The main currency pair’s recovery from 1.1000 levels met fresh supply near 200-DMA, and the prices drifted slightly lower, despite wide-spread risk-aversion as Asian stocks join the global sell-off triggered the oil price decline.

    The major appears to be largely driven by the price-action in the EUR crosses, with the steep losses in EUR/JPY offsetting the rise in the EUR/GBP cross, leaving EUR/USD almost unchanged. Meanwhile, EUR/JPY is down -0.33%, while EUR/GBP gains 0.28%.

    Meanwhile, markets continue to digest the comments from Fed’s Vice Chair Fischer, awaiting the US macro data due later in the NY session. However, the main focus will remain on the oil and stock markets.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1057/66 (daily R1/ 5-DMA). A break beyond the last, doors will open for a test of 1.1100 (round number). On the flip side, the immediate support is placed at 1.1000 (psychological levels/ daily low) below which at 1.0983 (50-DMA) could be tested.
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