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EUR/USD back to square one

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD found support at the 200-hour SMA and managed to trim some of its intraday losses and is back headed toward the 1.1400 area.

    EUR/USD slipped from a fresh 2016 high of 1.1453 to a daily low of 1.1337 at the beginning of the New York session but managed to claw back to mid-range afterwards. At time of writing, the pair was trading at 1.1395, virtually unchanged on the day.

    Speaking in Lisbon, ECB President Draghi said Thursday that important challenges remain as Euro Area continues to be weighed down by low potential growth and high structural unemployment. He added that the ECB cannot single-handedly create the conditions for a sustainable recovery in growth.

    Attention now turns to fed Chair Yellen, who will be speaking after the Wall Street close.

    EUR/USD levels to watch

    In terms of technical levels, EUR/USD could find immediate supports at 1.1326 (Apr 6 low), 1.1309 (Mar 31 low) and 1.1265 (20-day SMA). On the other hand, resistances line up at 1.1453 (2016 high, Apr 7), 1.1494 (Oct 15 high) and 1.1560 (Aug 26 high).
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