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Mar 16 - 08:36 PM

EUR/USD - Trading In Defined Range As Factors Offset

By John Noonan  —  Mar 16 - 06:50 PM
  • EUR/USD traded in a 1.1051/1.1240 range on Monday as factors offset

  • Coronavirus is shutting down the EZ economy and capping EUR/USD rallies

  • At the same time US growth fears are escalating as the virus spreads there nL1N2B95WD

  • With uncertainty extremely high, the technical guidance is favoured

  • EUR/USD support is at the 61.8 of the 1.0778/1.1495 move at 1.1051

  • A break below 1.1050 likely to see move lower extend to 1.0950

  • Resistance is found at 1.1230/40 where the 10-day MA & former top converge

  • A break and close above 1.1250 likely sees a move to 1.1350/1.1400







eur/usd Click here

Source:
Refinitiv IFR Research/Market Commentary

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