EUR/USD in a tight range near 1.1160

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The single currency is trading almost unchanged vs. the greenback at the beginning of the week, taking EUR/USD to the 1.1160/65 band.

    EUR/USD rangebound amidst lack of volatility

    The pair is extending its recent consolidative pattern around 1.1160 against the backdrop of thin trade conditions as European markets remain closed due to Easter Monday.

    Across the pond, instead, the greenback will take centre stage in light of the release of US Personal Income/Spending, Trade Balance and inflation figures tracked by the PCE.

    EUR/USD levels to watch

    The pair is now retreating 0.07% at 1.1161 facing the next support at 1.1126 (20-day sma) ahead of 1.1099 (50% Fibo of 1.1379-1.0820) and finally 1.1039 (200-day sma). On the flip side, a break above 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) en route to 1.1496 (monthly high Oct.15 2015).
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