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   “¢   The USD fails to preserve the overnight gains and helps regain positive traction.
   “¢   Technical buying above 1.1400 handle further accelerate the positive momentum.
   “¢   Traders eye prelim German CPI and advance US Q4 GDP print for fresh impetus.

After yesterday’s modest pull-back, the EUR/USD pair caught some aggressive bids on Thursday and surged to over three-week tops in the last hour.

A sharp slide in the US Treasury bond yields failed to assist the US Dollar to build on the overnight rebound from multi-week tops, which eventually turned out to be one of the key factors driving the pair higher since the early European session.

Today’s uptick could further be attributed to some cross-driven strength, stemming out of a goodish bounce in the EUR/GBP cross, with technical buying above the 1.1400 round figure mark providing an additional boost to the pair’s strong intraday rally.

It, however, remains to be seen if the pair is able to build on the momentum or fizzles out at higher levels as the focus now shifts to German prelim inflation figures for the month of February and the advance Q4 GDP growth figures from the US.  

Technical levels to watch


       Today Last Price:  1.1417
       Today Daily change:  46  pips
       Today Daily change %:  0.40%
       Today Daily Open:  1.1371
       Daily SMA20:  1.1352
       Daily SMA50:  1.1393
       Daily SMA100:  1.1392
       Daily SMA200:  1.1511
       Previous Daily High:  1.1404
       Previous Daily Low:  1.1362
       Previous Weekly High:  1.1373
       Previous Weekly Low:  1.1276
       Previous Monthly High:  1.1586
       Previous Monthly Low:  1.1289
       Daily Fibonacci 38.2%:  1.1378
       Daily Fibonacci 61.8%:  1.1388
       Daily Pivot Point S1:  1.1354
       Daily Pivot Point S2:  1.1337
       Daily Pivot Point S3:  1.1311
       Daily Pivot Point R1:  1.1396
       Daily Pivot Point R2:  1.1422
       Daily Pivot Point R3:  1.1439