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EUR/USD comes down to test 1.1300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD has abandoned the area of session highs near 1.1340 to now put the 1.1300 support under pressure.

    EUR/USD upside limited near 1.1340

    The Yellen-led upside seems to have found strong resistance in the 1.1340/50 band for the time being – previous highs post-FOMC meeting – sparking the current leg lower back to the 1.1300 neighbourhood.

    Auspicious results from the ADP report during March (200K) have given some respite to the beleaguered dollar today ahead of the more relevant Non-farm Payrolls due on Friday.

    EUR/USD levels to watch

    The pair is now up 0.20% at 1.1317 facing the next resistance at 1.1344 (high Mar.17) ahead of 1.1378 (2016 high Feb.11) and then 1.1496 (monthly high Oct.15 2015). On the downside, a break below 1.1220 (23.6% Fibo of 1.0820-1.1344) would target 1.1156 (20-day sma) en route to 1.1041 (200-day sma).

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