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EUR/USD depressed around 1.1350, US data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The common currency remains on the defensive on Tuesday, with EUR/USD trading in the area of daily lows near 1.1350.

    EUR/USD now looks to US releases

    The pair has started the week on a negative note, retreating for the second consecutive session after being rejected from fresh 2016 tops near 1.1440 last Friday.

    A renewed buying interest around the dollar could be behind today’s downside, ahead of the US calendar, which includes ISM Non-manufacturing, Markit’s Services PMI, February’s Trade Balance figures and the API’s report.

    EUR/USD levels to watch

    The pair is now down 0.31% at 1.1355 and a break below 1.1291 (23.6% Fibo of 1.0820-1.1437) would target 1.1254 (20-day sma) en route to 1.1142 (low Mar.24). On the other hand, the initial hurdle aligns at 1.1437 (2016 high Apr.1) ahead of 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015).
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