EUR/USD 1.1300 just around the corner

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The single currency is extending its march north on Thursday, now lifting EUR/USD to test the vicinity of the 1.1300 handle.

    EUR/USD firmer as dollar slumps

    The greenback has accelerated its downside momentum following the opening bell in Euroland today, with markets posting moderate gains and the pair navigating fresh peaks in the boundaries of 1.1300 the figure.

    Later in the session, EMU’s final CPI figures for the month of February are due, followed by US Initial Claims and the Philly Fed survey. However, data releases area likely to be in the back burner as market participants keep digesting the recent dovish statement from the FOMC and crude oil dynamics keep sustaining the risk-on sentiment.

    EUR/USD levels to watch

    The pair is now up 0.54% at 1.1285 and a breakout of 1.1300 (psychological level) would target 1.1339 (high Feb.9) en route to 1.1378 (2016 high Feb.11). On the other hand, the next support aligns at 1.1123 (38.2% Fibo of 1.0709-1.1378) ahead of 1.1043 (200-day sma) and finally 1.1036 (20-day sma).
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