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EUR/USD keeps the recovery alive above 1.12

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The shared currency is regaining momentum vs. the greenback on Tuesday, now prompting EUR/USD to regain the 1.1230/35 band.

    EUR/USD firmer post-PMI

    The pair clinched a few extra pips after US flash manufacturing PMI tracked by Markit has come in short of estimates for the current month at 51.4. The reading, however, is a tad better than January’s 51.3.

    Spot keeps prolonging its bounce off recent lows near 1.1180 posted soon after the terrorist attacks in Brussels, all ahead the speech by Chicago Fed’s C.Evans and the weekly report on crude stockpiles gauged by the API.

    EUR/USD levels to watch

    The pair is now retreating 0.13% at 1.1226 facing the next support at 1.1123 (38.2% Fibo of 1.0709-1.1378) ahead of 1.1083 (20-day sma) and finally 1.1043 (200-day sma). On the flip side, a break above 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) en route to 1.1496 (monthly high Oct.15 2015).

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