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EUR/USD supported at 200-day sma near 1.1050

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The shared currency is extending its decline on Monday, with EUR/USD falling towards the key 200-day sma in the mid-1.1000s.

    EUR/USD lower on risk appetite

    The pair is trading in 2-day lows in the 1.1060/50 band following a strong pick up in the risk appetite trends, with European equities navigating a in a ‘sea of green’ and with the sterling stealing the show during the morning in the Old Continent.

    Further selling pressure around EUR has sparked following poor prints from preliminary manufacturing and services PMIs in Euroland for the current month, adding to the daily pullback in spot.

    EUR/USD levels to watch

    The pair is now losing 0.57% at 1.1167 and a breakdown of 1.1050 (200-day sma) would target 1.0965 (61.8% Fibo of December up-move) and finally 1.0709 (YTD low Jan.5). On the other hand, the next up barrier aligns at 1.1220 (23.6% Fibo of December up-move) followed by 1.1378 (high Feb.11) and then 1.1496 (monthly high Oct.20 2015).
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