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EUR/USD challenges lows near 1.1370

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The common currency has faded the earlier spike beyond the 1.1400 handle vs. the dollar, with EUR/USD now retreating to the 1.1375/70 band.

    EUR/USD now looks to ISM

    After hitting fresh YTD tops in the vicinity of 1.1440, the pair has quickly returned to the negative territory in the current 1.1380/70 band following an auspicious print from March Non-farm Payrolls, coming in at 215K vs. 205K initially forecasted.

    Adding optimism to the releases, Average Hourly Earnings have risen 0.3% on a monthly basis in March, surpassing consensus.

    Next on tap in the US calendar will be the ISM Manufacturing and the Consumer Sentiment gauge tracked by the Reuters/Michigan index.

    EUR/USD levels to watch

    The pair is now up 0.06% at 1.1388 facing the next resistance at 1.1437 (2016 high Apr.1) followed by 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015). On the downside, a break below 1.1198 (20-day sma) would target 1.1142 (low Mar.24) en route to 1.1043 (200-day sma).
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