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EUR/USD printing highs near 1.1380

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The buying interest is now picking up pace around the shared currency, lifting EUR/USD to daily peaks near 1.1380.

    EUR/USD higher as USD deflates

    Spot met fresh upside pressure as the initial bull run in the greenback continues to lose traction, adding to the weekly advance and on its way to challenge yesterday’s peaks at 1.1385.

    On the data front, market participants practically ignored German lower-than-expected Producer Prices for the month of March, more focused on the US docket, where Existing Home Sales and the EIA’s reports on inventories are next on tap.

    EUR/USD levels to watch

    The pair is now up 0.10% at 1.1370 and a break above 1.1454 (2016 high Apr.7) would open the door to 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015). On the flip side, the immediate support aligns at 1.1333 (20-day sma) followed by 1.1313 (23.6% Fibo of 1.0820-1.1455) and finally 1.1232 (low Apr.14).
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