1. Hello Guest Click here to check FX Binary Point Financial Directory

EUR/USD continues to retreat from 2016 highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The shared currency has come under renewed selling pressure at the beginning of the New York session, with EUR/USD hitting fresh daily lows and EUR/JPY breaking below 123.00 and printing 1-month lows.

    EUR/USD turned sharply down after being rejected from a fresh year-to-date high of 1.1453, and having lost more than a hundred pips, it bottomed out at 1.1337, where the 200-hour SMA offered support. At time of writing, the pair is trading at 1.1347, down 0.45% on the day.

    ECB President Draghi is due to speak later on the day, while Fed’s Chair Yellen will also speak after the Wall Street close.

    EUR/USD levels to watch

    In terms of technical levels, EUR/USD could find immediate supports at 1.1326 (Apr 6 low), 1.1309 (Mar 31 low) and 1.1263 (20-day SMA). On the other hand, resistances line up at 1.1453 (2016 high, Apr 7), 1.1494 (Oct 15 high) and 1.1560 (Aug 26 high).
    For more information, read our latest forex news.

Share This Page