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EUR/USD turns negative near 1.0870, PMIs eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The shared currency has faded the earlier spike towards the vicinity of 1.0900 vs. the dollar, with EUR/USD now returning to the 1.0870/65 band.

    EUR/USD focus on PMIs

    The pair is prolonging its bearish march today, trading at shouting distance from yesterday’s lows in the mid-1.0800s as the risk-on sentiment seems to have picked up pace ahead of the opening bell in London.

    Later in the session, February’s final manufacturing PMIs are due in Euroland, while the ISM Manufacturing, Markit’s manufacturing PMI and Construction Spending figures are all due across the pond.

    EUR/USD levels to watch

    The pair is now losing 0.07% at 1.0871 and a break below 1.0859 (low Feb.29) would target 1.0777 (low Jan.21) en route to 1.0709 (2016 low Jan.5). On the other hand, the next up barrier aligns at 1.0970 (55-day sma) ahead of 1.1047 (200-day sma) and then 1.1123 (38.2% Fibo of December up-move).
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