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EUR/USD breaks above 1.12 as dollar plunges

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD is now gaining further upside momentum following a persistent offered tone around the greenback.

    EUR/USD stronger ahead of US data, Yellen

    The pair has intensified the daily upside in response to a wave of selling pressure around the US dollar after today’s US releases. In fact, market participants have perceived as negative February’s Core PCE figures, exacerbating the earlier downside in USD and boosting spot to the 1.1200 neighbourhood.

    Ahead in the session, US Pending Home Sales are due, ahead of tomorrow’s key speech by Chairwoman J.Yellen.

    EUR/USD levels to watch

    The pair is now advancing 0.36% at 1.1205 and a break above 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) en route to 1.1496 (monthly high Oct.15 2015). On the other hand, the next support lines up at 1.1126 (20-day sma) ahead of 1.1099 (50% Fibo of 1.1379-1.0820) and finally 1.1039 (200-day sma).
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