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EUR/USD turns around and regains 1.1000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/USD picked up momentum and rose more than half a cent over the last minutes, practically erasing intraday losses.

    With no clear catalysts behind the move other than maybe position adjusting ahead of the ECB meeting tomorrow, EUR/USD managed to undo its early decline and climbed back above 1.1000 to a marginal daily high of 1.1014. At time of writing, the pair is trading at 1.1011, a few pips above its opening price.

    The European Central Bank will announce its policy decision tomorrow and it is broadly expected to launch fresh easing measures (either via a deposit rate cut, increasing bond purchases or a combination of measures).

    EUR/USD technical levels

    As for technical levels, next resistances line up at 1.1045 (200-day SMA), 1.1067 (Feb 26 high) and 1.1100 (psychological level). On the other hand, supports could be found at 1.0919 (100-day SMA), 1.0902 (Mar 4 low), 1.0853 (Mar 3 low) and 1.0814 (Feb 1 low).
    For more information, read our latest forex news.

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