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EUR/USD advances further, closer to 1.1350

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The upside momentum is growing bigger around the shared currency today, with EUR/USD now extending the earlier breakout of the 1.1300 handle.

    EUR/USD now looks to German CPI, US ADP

    The pair has recovered almost all of last week’s pullback to the mid-1.1100s and is now trading at shouting distance from post-FOMC highs just above 1.1340 (March 17).

    The weakness around the greenback remains the recurrent theme today after Chairwoman Yellen has practically ruled out another rate hike at the Fed meeting in April.

    On the data front, German flash CPI figures for the current month are due later, followed by the ADP Employment Change and the EIA’s report later in the NA session.

    EUR/USD levels to watch

    The pair is now up 0.33% at 1.1331 facing the next resistance at 1.1344 (high Mar.17) ahead of 1.1378 (2016 high Feb.11) and then 1.1496 (monthly high Oct.15 2015). On the downside, a break below 1.1220 (23.6% Fibo of 1.0820-1.1344) would target 1.1156 (20-day sma) en route to 1.1041 (200-day sma).

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