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US Dollar flirts with highs near 96.50

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback – tracked by the US Dollar Index - is trading on a firmer note at the ending of the week, recovering the mid-96.00s following the drop post-ECB.

    US Dollar bounces off sub-96.00

    The index has rapidly eroded the spike to weekly highs near 98.50 following the announcement of additional stimulus by the ECB at its meeting on Thursday, falling to levels last seen in mid-February below the 96.00 limestone.

    Today’s risk-on context and profit taking in the single currency are helping USD to regain some ground, although it remains on track to close its second consecutive week with losses.

    Data wise in the US docket, Export and Import Prices have contracted less than expected during February, 0.4% and 0.3%, respectively.

    US Dollar relevant levels

    The index is up 0.31% at 96.49 facing the next hurdle at 97.61 (50% Fibo of 99.95-95.28) followed by 97.92 (55-day sma) and finally 98.42 (post-ECB high Mar.10). On the other hand, a breach of 96.38 (23.6% Fibo of 99.95-95.28) would target 95.28 (2016 low Feb.11) en route to 93.83 (monthly low Oct.15 2015).
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