1. Hello Guest Click here to check FX Binary Point Financial Directory

EUR/USD – attempting break above key Fibo, strong Yen weighs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD is having a tough time taking out hurdle at 1.1418 (23.6% of Mar 2015 low-Aug 2015 high) amid strength in Yen and resulting weakness in EUR/JPY cross.

    Range trading continues

    Pair is looking to extend the week long range of 1.1327-1.1454 levels. The bird is caught between EUR/GBP strength and EUR/JPY weakness. Meanwhile, falling Fed rate hike bets is also ensuring the downside remains protected.

    On the other hand, anti intervention lobby is gaining strength in Japan, hence a technical recovery in USD/JPY is struggling to gather pace. Thus, the spot is failing to cut through the key Fibo hurdle.

    The economic calendar in Europe is empty; hence the pair remains at the mercy of action in EUR/JPY. Later in the US session, Fed speak could influence the pair.

    EUR/USD Technical Levels

    The pair is trading around 1.1410 levels. A break above immediate hurdle at 1.1418 (23.6% of Mar 2015 low-Aug 2015 high) would expose the upper end of the week long range – 1.1454. A violation there could see prices test supply at 1.15 levels. On the other hand, a break below 1.14 would shift risk in favor of a drop to 1.1376 (Feb 11 low). Next major support is seen at 1.1327 (lower end of the week long range).
    For more information, read our latest forex news.

Share This Page