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EUR/USD comes back to test 1.1260

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    After a failed attempt to regain 1.1290 or even 1.1300, EUR/USD is back to the red territory around 1.1260/65.

    EUR/USD eyes on IFO, PMIs

    Spot has been alternating gains with losses at the beginning of the week, coming down from last week’s fresh tops beyond the 1.1300 handle and against a backdrop of firm demand for the US dollar.

    Ahead in the week, advanced manufacturing PMIs in Euroland are due tomorrow followed by the German IFO indicator. Across the pond, Fedspeak wil take centre stage as well as the API’s weekly report on crude stockpiles.

    EUR/USD levels to watch

    The pair is now down 0.08% at 1.1262 facing the next support at 1.1220 (23.6% Fibo of 1.0709-1.1378) ahead of 1.1073 (20-day sma) and finally 1.1043 (200-day sma). On the other hand, a break above 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) and then 1.1496 (monthly high Oct.15 2015).
    For more information, read our latest forex news.
     

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