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EUR/USD finds fresh bids, revisits daily high near 1.1170

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The EUR/USD pair continues to consolidate the overnight recovery in the upper bound of today’s trading range so far, against the backdrop of Easter holiday celebrations in Europe.

    EUR/USD: US data in focus

    Currently, EUR/USD trades almost unchanged at 1.1172, flirting with daily highs reached at 1.1173 in the last hour. The main currency pair keeps its gradual recovery mode intact from 1.1150 troughs and is seen oscillating in a 15-pips narrow range over the last few hours amid a data-empty EUR calendar as the Euro zone markets stay closed in observance of Easter Monday.

    Further, the recent push to the upside in the EUR/USD pair can be attributed to the deflating US dollar against its major competitors, as markets remain wary ahead of a host of US economic data due later in the NY session, which may exaggerate the poor volatility seen this session so far.

    Later today, from the US docket we have the Fed’s preferred gauge PCE index, pending home sales, goods trade balance and personal spending data, which is likely to provide fresh impetus to the EUR traders.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1187/1.1200 (1h 100-SMA/ round number). A break beyond the last, doors will open for a test of 1.1216/24 (10-DMA/ Mar 23 High). On the flip side, the immediate support is placed at 1.1100 (psychological levels) below which at 1.1088 (50-DMA) could be tested.
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