Monday, February 22, 2016

The EUR/USD continues in a support zone

The 200 day exponential moving average continues acting as a good support zone for the EUR/USD, around the 1.1064 level. The more times the price visits that zone, the higher the probabilities of seeing a breakdown. If the price breaks to the downside, then the 1.1000 could act as support or the 1.0900 level. To the upside, if the price bounces up, then the 1.1200 could act as resistance. Fundamentally the Euro stays weak due to the disappointing data from the Eurozone, but the Dollar has not gained enough strength and that is why the pair is having a difficult time trying to break below that moving average.


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