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EUR/USD in a tight range near 1.1370

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    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).
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