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EUR/USD flat-lined around 1.1160, awaits EZ IP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The EUR/USD pair continues to trade around a flat-line as we step into the European trading hours, holding well above 1.1150 barrier.

    EUR/USD tries to take-out stiff resistance near 1.1165

    Currently, EUR/USD trades 0.10% higher at 1.1159, moving back and forth in a 15-pips narrow range. The main currency pair is seen consolidating the upside, after having failed several attempts to break higher from the slim range witnessed over the past few hours.

    The major remains torn between persisting risk-on market profile on one side and broad based US dollar weakness on the other. Therefore, traders prefer to remain on the side-lines as caution prevail heading into the Fed decision on Wednesday, especially after last week’s surprise move by the ECB that spurred massive volatility across the fx board.

    The week ahead is once again a big one for the EUR/USD pair, with Monday kicking-off with Euro zone industrial production data followed by US retail sales and CPI on Tuesday. While next on the cards after the Fed outcome on Wednesday will be the Euro zone CPI on Thursday. While consumer sentiment data from the US is due on Friday and will wrap an eventful week for the major.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1218 (three-week high). A break beyond the last, doors will open for a test of 1.1250/53 (Feb 15 High). On the flip side, the immediate support is placed at 1.1100 (psychological levels) below which at 1.1080/78 (Mar 11 Low) could be tested.
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