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EUR/USD drops to 100-DMA, Dow futures down almost 300 points

FXStreet (Mumbai) - The EUR/USD pair dropped to its 100-DMA at 1.1147 before recovering slightly to 1.1160 while US stock futures point to sharp losses on the Wall Street later today.

USD resilient to losses in stocks

The greenback is showing uncanny resilience to the losses in the stock markets, while the EUR is surprisingly weak amid risk aversion. However, the common currency is trading relatively resilient compared to Sterling.

The stock markets across Europe suffered losses and dragged the US index futures lower. At the time of writing, the Dow futures were indicating the index could open almost 300 points lower. Still, the FX markets are relatively calm with USD and Japanese Yen ruling the roost.

Ahead in the day, the spot could take cues from the Eurozone consumer confidence report and Fed’s Lockhart speech.

EUR/USD Technical Levels

The immediate support is seen at 1.1160 (100-DMA), under which losses could be extended to 1.11 levels. On the other side, resistance is seen at 1.1211 (200-DMA) and 1.13 levels.

USD: Fed rate is coming in 2015- MUFG

Lee Hardman, Research Analyst at MUFG, suggests that the US dollar has continued to rebound overnight recovering recent lost ground against Asian currencies and it is deriving support from comments by Fed officials which are keeping alive expectations that they will begin to raise interest rates this year.
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