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EUR/USD rebounds from 1.1170

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The rally in the greenback has gathered further steam today, sending EUR/USD to test fresh lows in the 1.1170 area, just to come back to 1.1190 soon afterwards.

    EUR/USD down from 1.1220

    Spot has been trading in a softer fashion since last Friday following the rejection from post-FOMC tops near 1.1340. The strong recovery of the US dollar after the Fed-induced knee-jerk has been bolstering the up move in the pair, recently propped up by an upbeat risk-on sentiment as well.

    Data wise in Euroland, mixed results from flash manufacturing PMIs for the month of March and German IFO and ZEW Survey have also collaborated with the downside.

    EUR/USD levels to watch

    The pair is now retreating 0.23% at 1.1191 facing the next support at 1.1123 (38.2% Fibo of 1.0709-1.1378) ahead of 1.1078 (20-day sma) and finally 1.1042 (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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