EUR/USD keeps lows near 1.1370, awaits EZ industrial production

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The EUR/USD pair is seen consolidating the overnight retreat amid broad based US dollar recovery, heading into the early European trades.

    EUR/USD remains below 1.1400

    Currently, EUR/USD trades -0.35% lower at fresh session lows of 1.1366, having met fresh selling pressure just shy of 1.14 handle. The main currency pair remains under strong selling pressure this Wednesday on the back of rising demand for risk currencies such as the US dollar backed by the risk-on rally in the equities. The USD index now gains +0.16% to 94.17, at fresh session highs.

    Moreover, markets prefer to favour the US currency ahead of the US retail sales and PP figures lined up for release later in the NA session. While better than expected Chinese trade figures also boosted market sentiment, with the traders seeking to take the yield advantage at the cost of the safe-haven euro.

    Looking ahead, the major awaits the European open for fresh cues on the overall risk sentient ahead of the Euro zone industrial production data. While the main market moving events are expected to be the US datasets for today.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1391/1.1400 (Daily high/ round number). A break beyond the last, doors will open for a test of 1.1449/65 (daily R1/2016 high). On the flip side, the immediate support is placed at 1.1320/1.1300 (20-DMA/ key support) below which at 1.1280/79 (daily S2/ Mar 30 Low) could be tested.
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