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EUR bulls looking for higher highs - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Valeria Bednarik, chief analyst at FXStreet explained that the EUR/USD pair traded range-bound around the 1.1100 figure this Tuesday, unable to gain directional traction ahead of the FED's economic policy decision to be released this Wednesday.

    Key Quotes:

    "The US Central Bank is largely expected to remain on hold, but this particular meeting will include the updated projections of its funds target rate and economic situation, whilst Janet Yellen will offer a press conference, in where speculators will be looking for clues on a date for a forthcoming rate hike.

    Data coming from the US earlier today was quite disappointing, as retail sales for February fell 0.1% monthly basis, below expectations, whilst the PPI for final demand fell 0.2% in the same month, seasonally adjusted. On an unadjusted basis, the final demand index was unchanged for the 12 months ended in February, with downward revisions to previous readings."

    "The pair jumped up to 1.1124 following the news, after extending its weekly decline down to 1.1071, but was unable to rally and settled around 1.1100, where it stands ahead of the Asian opening.

    The common currency maintains a positive bias, given that with few exceptions, the dollar traded broadly higher, and EUR buyers refused to give up. The fact that the pair held suggests that speculators are still looking for higher highs."
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