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EUR/USD drops to lows near 1.1380

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The single currency has now come under renewed selling pressure, dragging EUR/USD to the area of session lows near 1.1380.

    EUR/USD weaker ahead of Fed

    Spot has given away recent gains and returned to sub-1.1400 levels at the beginning of the week following a positive start of equity markets in the Old Continent.

    Later in the day, market participants will remain wary of the unexpected closed meeting between Fed governors with fund rates on top of the agenda on an otherwise empty calendar in both Euroland and the US.

    EUR/USD levels to watch

    The pair is now losing 0.11% at 1.1389 facing the next support at 1.1325 (low Apr.6) ahead of 1.1305 (23.6% Fibo of 1.0820-1.1455) and finally 1.1151 (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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