EUR/USD attempting gains above 1.13, eyes Fed speak

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR keeps its bid tone intact in the US session, with the EUR/USD pair now looking to extend gains above 1.13 handle ahead of speeches from Fed’s Dudley and Rosengren.

    Supported by 1.1274

    The spot found bids around 1.1274 amid oil driven weakness in the equities and thus turned positive to trade around 1.1314 levels. The immediate focus is on comments from William Dudley. It will be followed by Rosengren’s speech later today.

    In the meantime, demand for EUR and other funding currencies also depend on the action in the US equities. Major index futures are pointing to a weak opening, which is keeping the bid tone around EUR intact.

    EUR/USD Technical Levels

    The immediate resistance is seen at 1.1327 (Apr 6 low), above which prices could target 1.1372 (Apr 11 low). On the other hand, a failure to remain above 1.13 would open doors for a re-test of 1.1274 (daily low).
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