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EUR/USD deflates to 1.1300 ahead of European bell

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD is struggling to keep the trade around the 1.1300 handle at the end of the Asian session, coming down from overnight peaks near 1.1340.

    EUR/USD focus on risk trends

    Absent releases in the euro area, the pair will look to the broad risk trends for direction as the effects of the recent FOMC meeting still linger amongst traders. On the other side, the greenback is trying to recover the smile while attempting a bounce off recent multi-month lows.

    Data wise across the pond, the Reuters/Michigan index is only due, although speeches by FOMC’s Rosengren and Bullard will be in the limelight, especially following the recent meeting.

    EUR/USD levels to watch

    The pair is now losing 0.14% at 1.1303 facing the next support at 1.1220 (23.6% Fibo of 1.0709-1.1378) ahead of 1.1043 (200-day sma) and finally 1.1012 (55-day sma). On the other hand, a breakout of 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) and then 1.1496 (monthly high Oct.15 2015).
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