EUR/USD consolidating the downside, around 1.1260

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The EUR/USD pair is seen moving back and forth in a 20-pips tight range in the Asian trades so far, keeping range near fresh two-week lows reached the day earlier.

    EUR/USD downside capped by 1.1250

    Currently, EUR/USD trades modestly flat at 1.1260, eyeing for a retest of fresh two-week lows reached at 1.1234 on Thursday. The main currency pair keeps its side-ways movement intact as we head into early Europe, with the traders largely unperturbed by upbeat Chinese fundamentals news, including in-line with expectations GDP figures.

    Moreover, the downside remains capped by the mid-point of 1.12 handle as the USD bulls stalled the recent upsurge and awaits the industrial production and consumer sentiment data for fresh direction. The USD index trades dead flat at 94.94, retreating from two-week highs reached at 95.21.

    For the EUR, the macro calendar remains light, with the only second-liner data in the Euro zone trade balance lined up for release later today.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1295/1.1300 (Apr 14 High/ round number). A break beyond the last, doors will open for a test of 1.1356/63 (10-DMA/ 1h 200-SMA). On the flip side, the immediate support is placed at 1.1234/33 (daily low & S1) below which at 1.1200/1.1180 (psychological levels/ 50-DMA) could be tested.
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