The shared currency is trading almost unchanged vs. its American counterpart at the beginning of the week, taking EUR/USD to the 1.1370 area. EUR/USD gains capped near 1.1450 The pair has faded yesterday’s spike to fresh 2016 peaks in the mid-1.1400s following dovish comments by Draghi and other ECB officials on Thursday. However, the main driver behind the ongoing EUR rally continues to be the USD-dynamics, as market participants keep adjusting to the new Fed’s projected rate path for the current year. EUR/USD levels to watch The pair is now down 0.08% at 1.1369 and a break below 1.1325 (low Apr.6) would target 1.1291 (23.6% Fibo of 1.0820-1.1437) en route to 1.1276 (20-day sma). On the other hand, the initial hurdle aligns at 1.1454 (2016 high Apr.7) ahead of 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015). For more information, read our latest forex news.