US dollar turned lower across the board again in the NY session today as weak wage growth attracted attention of the Fed officials.
Euro’s rebound from 1.0940 (50% of Dec low-Feb high) followed by brk abv rising trd. line @ 1.0995 has increased probability of the currency penetrating 200-DMA resist. 1.1045, which almost coincides with 1.1048 (38.2% of Dec low-Feb high).
If 200-DMA resistance taken out on daily closing basis would shift risk in favor of a rise to 1.1173 (23.6% of Dec low-Feb high) – 1.1200 levels.
On the downside, a failure to take out 200-DMA followed by a break below rising trend line support @ 1.0995 would trigger fresh sell-off to immed. support @ 1.0940 ahead of majro support @ 1.0865-1.0850