EUR/USD directionless around 1.1260, US data eyed

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 single currency is alternating gains with losses at the end of the week, taking EUR/USD to the comfort zone in the mid-1.1200s.

    EUR/USD focus on US releases

    Spot remains on its way to close the first week with losses after two consecutive advances, including a fresh 2016 peaks around the 1.1470 area, all amidst a renewed bid tone surrounding the greenback and a pick up in the risk appetite.

    Following yesterday’s lower-than-expected inflation figures in the US economy, today’s US Industrial Production and Capacity Utilization will take centre stage followed by a gauge of the consumer sentiment tracked by the Reuters/Michigan index.

    EUR/USD levels to watch

    The pair is now up 0.04% at 1.1269 and a break below 1.1219 (38.2% Fibo of 1.0820-1.1455) would open the door to 1.1171 (55-day sma) and finally 1.1142 (low Mar.24). On the flip side, the initial hurdle lines up at 1.1313 (23.6% Fibo of 1.0820-1.1455) followed by 1.1454 (2016 high Apr.7) and then 1.1496 (monthly high Oct.15 2015).
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