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EUR/USD finds support near 1.1350, awaits ECB Draghi

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The European currency continues to trade directionless in a narrow range versus its American peer post-European open, keeping EUR/USD witihn a striking distance from the session lows.

    EUR/USD regains 20-DMA

    Currently, EUR/USD trades dead flat at 1.1360, attempting a minor-recovery from fresh session lows reached at 1.1349 in the last hour. The main currency trades quite choppy this session, although manages to hold ground above the mid-point of 1.13 handle amid stabilizing oil prices and subdued trading on the European indices. Germany’s DAX trades 0.23% higher, the UK’s FTSE drops -0.24%, while the pan-European benchmark, the Euro Stoxx 50 trades modestly flat.

    The bulls appear to have turned cautious and remain on the back foot ahead of ECB Chief Draghi’ speech due later this session, while the US dollar trades broadly muted awaiting fresh incentives from the upcoming US existing home sales data due to be reported in the NY session.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1393/1.1400 (Apr 13 High/ round number). A break beyond the last, doors will open for a test of 1.1450 (round number). On the flip side, the immediate support is placed at 1.1336/23 (10 & 5-DMA) below which at 1.1303/1.1274 (1h 100-SMA/ Apr 18 Low) could be tested.
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