EUR/USD advances to highs near 1.1390

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The common currency has reverted the initial negative tone on Friday, now lifting EUR/USD to daily highs around 1.1390.

    EUR/USD rebounds from 1.1350

    After a drop to the mid-1.1300s in early trade, the pair has managed to regain traction and recover levels closer to the critical 1.1400 barrier as risk-aversion seems to be attempting a come back.

    In the data space, German trade surplus has widened to nearly €20 billion during February, surpassing estimates and with a good performance from both imports and exports. Across the pond, the only event will be the speech by New York Fed’s W.Dudley.

    EUR/USD levels to watch

    The pair is now advancing 0.06% at 1.1385 facing the next hurdle at 1.1454 (2016 high Apr.7) ahead of 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015). On the other hand, a break below 1.1325 (low Apr.6) would target 1.1291 (23.6% Fibo of 1.0820-1.1437) en route to 1.1276 (20-day sma).
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