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).
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