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EUR/USD drops further to test 1.1350

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/USD is now intensifying the daily downside, shedding around a cent since session highs near 1.1460 to the current 1.1355/50 band.

    EUR/USD down from 1.1460

    After hitting fresh 2016 highs in the 1.1460 area during the European morning, the pair met increasing selling pressure in response to a strong rebound in the US dollar.

    In addition, rumours that the ECB could be discussing ‘helicopter money’ have been also weighing on sentiment and fanning the downside.

    Next on tap, speeches by San Francisco Fed J.Williams and Richmond Fed J.Lacker are due ahead of the API’s report on crude stockpiles.

    EUR/USD levels to watch

    The pair is now losing 0.36% at 1.1367 facing the next support at 1.1325 (low Apr.6) ahead of 1.1305 (23.6% Fibo of 1.0820-1.1455) and finally 1.1160 (55-day sma). On the other hand, a break above 1.1454 (2016 high Apr.7) would target 1.1496 (monthly high Oct.15 2015) en route to 1.1713 (high Aug.24 2015).
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