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EUR/USD in fresh 2016 highs, 1.14 on sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The single currency is extending its march north today, now lifting EUR/USD to print fresh YTD tops around 1.1380.

    EUR/USD boosted by USD weakness, EMU’s CPI

    The pair keeps the firm footing into the second half of the week, trading closer to the 1.1400 barrier after EMU’s consumer prices have seen ticking higher during the current month.

    Collaborating with the current upside, sellers continue to punish the greenback, dragging the US Dollar Index to post 2016 lows in the mid-94.00s.

    Ahead in the session, the US docket will come to the fore, with Challenger Job Cuts, Initial Claims, Chicago PMI and speeches by Fed’s Evans and Dudley.

    EUR/USD levels to watch

    The pair is now up 0.33% at 1.1374 facing the next resistance at 1.1496 (monthly high Oct.15 2015) followed by 1.1713 (high Aug.24 2015). On the downside, a break below 1.1220 (23.6% Fibo of 1.0820-1.1344) would target 1.1176 (20-day sma) en route to 1.1041 (200-day sma).

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