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EUR/USD jumps to fresh 2016 highs, above 1.1450

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The upside bias in the EUR/USD pair gains further momentum ahead of the European open, as the US dollar resumes its slide versus its major rivals over the last hour.

    EUR/USD advances through Wednesday’s high and beyond
    Currently, EUR/USD trades 0.44% higher at fresh half-yearly highs of 1.1454, with the bulls on a roll beyond a decisive break of 1.14 handle. The main currency pair finally broke the consolidation phase around 1.14 barrier and jolted almost 50-pips higher amid heavy USD selling seen across the board as the dovish FOMC minutes continue to weigh on the buck. The US dollar index drops to 94.08, the lowest levels in six months, down -0.43% on the day.

    With the FOMC minutes out of the way, next in focus for major remains the ECB March monetary policy accounts, with markets awaiting more cues as to why the ECB decided in March to implement the monetary policy measures. Besides, a number of ECB officials are scheduled to speak during the day, including Peter Praet, Vitor Constancio, Benoit Coeure and President Mario Draghi.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1490/1.1500 (daily R2/ psychological levels). A break beyond the last, doors will open for a test of 1.1550 (round number). On the flip side, the immediate support is placed at 1.1355/28 (10-DMA/ 1h 200-SMA) below which at 1.1300 (key support) could be tested.
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