Thursday, 25 May 2017

Latest €/US$ Exchange rate news (11th March 2016 10:00)

Written by  Trading expert Published in Market Data Sunday, 13 March 2016 00:00
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EUR/USD rallies despite radical ECB easing. Mario Draghi must be waking up wondering what he has to do to devalue the euro, with EUR/USD breaking higher despite initial losses. Interestingly, those initial losses didn’t break through $1.0808 support, yet the resulting bounce broke $1.1059 resistance – certainly a bullish move. We are...
EUR/USD rallies despite radical ECB easing. Mario Draghi must be waking up wondering what he has to do to devalue the euro, with EUR/USD breaking higher despite initial losses. Interestingly, those initial losses didn’t break through $1.0808 support, yet the resulting bounce broke $1.1059 resistance – certainly a bullish move. We are seeing the pair pullback this morning and are therefore looking for a support to instigate further gains. The obvious area of support would be the zone between the 38.2% retracement of $1.1067 and the key previous resistance of $1.1059. As such, while the short-term looks like we could see an extension of this pullback, another move back towards $1.1218 seems likely before long.
Read 855 times Last modified on Sunday, 13 March 2016 13:28

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