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EUR/USD in red, stabilizes below 1.1400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The single currency has started the week on an offered fashion vs. the greenback, prompting EUR/USD to give away part of last week’s strong advance.

    EUR/USD focus on EMU, US data

    Despite the current decline, spot is managing well to keep the trade in the upper-1.1300s so far, close to Friday’s fresh 2016 highs in the 1.1430 region. On the opposite side, the dollar remains supported following Friday’s Payrolls numbers, giving some respite to the recent sharp-sell off.

    Data wise in Euroland, Producer Prices, the unemployment rate and the Sentix index are all due later, while Factory Orders, the Fed’s Labor Market Conditions Index (LMCI) and the speech by Boston Fed’s E.Rosengren will take centre stage across the pond.

    EUR/USD levels to watch

    The pair is now down 0.03% at 1.1386 and a break below 1.1291 (23.6% Fibo of 1.0820-1.1437) would target 1.1235 (20-day sma) en route to 1.1142 (low Mar.24). On the other hand, the initial hurdle aligns at 1.1437 (2016 high Apr.1) ahead of 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015).
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