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EUR/USD attempts a tepid bounce to 1.1300

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The single currency is trimming earlier losses vs. the dollar, now pushing EUR/USD back to the area of 1.1290/1.1300 ahead of US data.

    EUR/USD still in red on USD-buying

    The buying interest around the greenback now seems to be taking a breather, allowing the current rebound in spot after falling as low as 1.1260 earlier in the session.

    EUR-selling has been a recurrent theme today against a mild backdrop favouring the risk-on trade and some profit taking in light of the recent strong gains. However, today’s pullback is far from snap another positive weekly close in the pair, the third in a row.

    In the data space, the US flash Reuters/Michigan index is next on tap, followed by speeches by FOMC’s Rosengren and Bullard.

    EUR/USD levels to watch

    The pair is now losing 0.22% at 1.1293 facing the next support at 1.1220 (23.6% Fibo of 1.0709-1.1378) ahead of 1.1043 (200-day sma) and finally 1.1012 (55-day sma). On the other hand, a breakout of 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) and then 1.1496 (monthly high Oct.15 2015).
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