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EUR/USD bid above 1.1400, Fed eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The shared currency has started the week on a firm tone, with EUR/USD keeping the upside unchanged beyond the 1.1400 handle.

    EUR/USD attention to Fed, risk

    Spot manages well to keep the trade in the upper bound of the recent range, hovering over 1.1415/20 and trading closer to last week’s YTD peaks near 1.1450, as the greenback continues to navigate the area of yearly lows.

    In the data space, nothing worth mentioning in both US and Euroland, although the Fed will take centre stage later today in light of the unexpected and closed meeting of the Board of Governors.

    EUR/USD levels to watch

    The pair is now up 0.11% at 1.1414 and a break above 1.1454 (2016 high Apr.7) would target 1.1496 (monthly high Oct.15 2015) en route to 1.1713 (high Aug.24 2015). On the other hand, the next support lines up at 1.1325 (low Apr.6) ahead of 1.1305 (23.6% Fibo of 1.0820-1.1455) and finally 1.1151 (55-day sma).
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