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EUR/USD consolidating above 1.1350, up 4.75% in March

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD hit a fresh sixth month high earlier at 1.1411 but failed to hold above 1.1400 and pulled back modestly. The retreated found support at 1.1375 and currently it trades at 1.1385/90, about to post the strongest daily close since October.

    The euro is being able to consolidate above the 1.1350 area that during February and March capped the rally. The next technical challenge for the euro is to post a weekly close above 1.1450. Tomorrow in the US, the NFP will be release and it is likely to boost volatility, that could send the pair to test that key level.

    A good quarter, a great month

    EUR/USD is about to end the first quarter with a gain of 4.75%; all gains were in March, when it rallied and did not retreat (like it happened in February) and actually broke above 1.1350.

    A weak US dollar pushed the pair to the upside, particularly during March, despite the decision of the European Central Bank to introduce more stimulus including a rate cut. In the US, the decision of the Federal Reserve to leave rates unchanged, weight on the USD.

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