17 Feb 2016
EUR/USD jumped to hourly 50-MA, eyes US Fed minutes
The moderate risk-off in Asia and dovish expectations from Fed minutes, pushed the EUR/USD pair to its hourly 50-MA at 1.1163 in Asia.
Rebounds from 61.8% Fibo
The spot found bids around 1.1121 (61.8% of 1.1495-1.0517) in Asia. The Asian stocks were wobbly and that helped the funding currency gain ground against the USD. Furthermore, markets expect the Fed minutes to show the rate hike is highly unlikely in March.
Ahead of the Fed minutes, the spot could take cues from the European equities and Eurozone trade balance figures.
EUR/USD Technical Levels
The immediate hurdle is seen at 1.12, above which the spot could target 1.1236 (38.2% of Mar low – Aug high). On the other hand, A breakdown of 1.1121 (61.8% of 1.1495-1.0517) could open doors for a drop to 1.1088 (50% of Mar low – Aug high).
Rebounds from 61.8% Fibo
The spot found bids around 1.1121 (61.8% of 1.1495-1.0517) in Asia. The Asian stocks were wobbly and that helped the funding currency gain ground against the USD. Furthermore, markets expect the Fed minutes to show the rate hike is highly unlikely in March.
Ahead of the Fed minutes, the spot could take cues from the European equities and Eurozone trade balance figures.
EUR/USD Technical Levels
The immediate hurdle is seen at 1.12, above which the spot could target 1.1236 (38.2% of Mar low – Aug high). On the other hand, A breakdown of 1.1121 (61.8% of 1.1495-1.0517) could open doors for a drop to 1.1088 (50% of Mar low – Aug high).