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EUR/USD putting 1.14 to the test

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The shared currency continues to shed ground vs. the greenback today, now taking EUR/USD to test session lows in sub-1.1400 levels.

    EUR/USD lower ahead of Fedspeak

    Spot came under further selling pressure following mixed results from the US docket, where Export Prices have come in flat in March vs. an expected 0.2% drop and Import Prices rose 0.2% vs. 1.0% initially forecasted.

    Adding to the downside, the greenback has managed to regain some traction and is now looking to retake the 94.00 handle in terms of the US Dollar Index. Furthermore, Fed’s Kaplan has argued that the Fed could act in not too distant future, somewhat propping up the bid tone around USD.

    Ahead in the session, FOMC’s Harker, Williams and Lacker are all due to speak, keeping the dollar in centre stage.

    EUR/USD levels to watch

    The pair is now losing 0.17% at 1.1389 facing the next support at 1.1325 (low Apr.6) ahead of 1.1305 (23.6% Fibo of 1.0820-1.1455) and finally 1.1160 (55-day sma). On the other hand, a break above 1.1454 (2016 high Apr.7) would target 1.1496 (monthly high Oct.15 2015) en route to 1.1713 (high Aug.24 2015).
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