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EUR/USD turns negative near 1.1120

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The European currency is now losing the grip, relegating EUR/USD to challenge the area of session lows near 1.1120.

    EUR/USD lower on risk-on resurgence

    The pair is now suffering the increasing bid tone around the dollar along with a pick up in the risk appetite trends reflected on the now better performance of European equities.

    In the meantime, market participants will closely follow the events coming from Iran and the meeting between OPEC delegates and Iranian officials, with the oil production cut taking centre stage.

    EUR/USD levels to watch

    The pair is now retreating 0.15% at 1.1123 and a breakdown of 1.1059 (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 1.1460.
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