EUR/USD hovers below 1.1400 after US jobless claims data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD remained steady below 1.1400 after the release of US initial jobless claims data which fell by 9K in the week ended Apr 1.

    EUR/USD had pulled back from fresh 2016 highs and is back below the 1.1400 level as the greenback recovered ground across the board, while the euro came under mild pressure after the ECB minutes showed the Governing Council considered a sharper rate cut last month.

    At time of writing, EUR/USD is trading at 1.1360, down 0.33% on the day, after reaching a fresh year to date high at 1.1453 during the European session.

    Later in the session, the main highlights will be ECB President Draghi and Fed’s Chair Janet Yellen speeches.

    EUR/USD levels to watch

    As for technical levels, immediate supports seen at 1.1326 (Apr 6 low), 1.1309 (Mar 31 low), 1.1287 (10-day SMA) and 1.1251 (20-day SMA). On the other hand, resistances line up at 1.1453 (2016 high, Apr 7), 1.1494 (Oct 15 high) and 1.1560 (Aug 26 high).
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