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EUR/USD techncial conditions tally fundamentals - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained the technical conditions surrounding EUR/USD.

    Key Quotes:

    The EUR/USD pair presents a neutral technical tone ahead of the FOMC's economic policy decision this Wednesday. The US Central Bank is largely expected to remain on-hold after raising rates for the first time in almost a decade last December.

    As for the technical picture, the 4 hours char shows that the price briefly fell below its 20 SMA, but is now holding above it, while the technical indicators head nowhere around their mid-lines, reflecting the ongoing market's uncertainty over the pair.

    Trading near the base of its latest range, the key is at the 1.0770/1.0800 region, where the pair met buying interest even since the year started, and even has the 50% retracement of the December rally.

    A break below the level should open doors for a steady decline towards the 1.0715 region, the 61.8% retracement of the same rally."
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