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EUR/USD rebounds from 1.1070, re-targets 1.1100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The shared currency keeps the negative note in the first half of the week, with EUR/USD now attempting a rebound towards the 1.1100 area.

    EUR/USD weaker ahead of US releases

    Spot is extending its weekly decline to levels below the 1.1100 handle, retreating for the third consecutive session after being rejected from peaks above the 1.1200 mark soon after the ECB announcements last week.

    The pair will remain under pressure however, as the 2-day FOMC meeting kicks in today, while February’s US Retail Sales will also grab attention (-0.2% exp.). Further releases will include the Empire State index, NAHB index and the API’s weekly report on crude stockpiles.

    EUR/USD levels to watch

    The pair is now losing 0.10% at 1.1092 facing the next support at 1.1043 (200-day sma) followed by 1.1026 (55-day sma) and finally 1.0820 (post-ECB low Mar.10). On the other hand, a break above 1.1218 (post-ECB high Mar.10) would target 1.1339 (high Fe.9) en route to 1.1379 (2016 high Feb.11).

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