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EUR/USD hits fresh lows but remains around 1.1100

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD is falling for the second trading day in a row, retreating after jumping on Thursday boosted by European Central Bank (ECB) decisions and Mario Draghi press conference to 1.1217.

    Despite pulling back, EUR/USD held above Friday’s lows. The pair bottomed recently at 1.1092 and currently is hovering around 1.1100, 50 pips below Friday’s closing price.

    It continues to move with a bearish bias (intraday), but price action remains limited. The main resistance level to watch for the coming hours is 1.1130/35 (20-hour moving average) and to the downside, 1.1078 (March 11 low) could offer support.

    Waiting for the FED

    In the Eurozone, industrial production data was above expectations, rising 2.1% in January and 2.8% higher than a year ago. The euro was not favored after the numbers.

    Regarding economic reports, employment data will be released tomorrow in Europe, and in the US, the PPI index and the retail sales report. The numbers could have little impact as market participants look forward to the FOMC meeting that will start on Tuesday.

    Two days from now the Federal Reserve will announce its decision on monetary policy. No change in rates is expected. Janet Yellen will hold a press conference. Market volatility is likely to rise sharply on Wednesday around the FOMC decision.
    For more information, read our latest forex news.

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