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EUR/USD regains 1.1150 amid risk-on, EZ IP eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    Having peaked just shy of 1.12 barrier in the last US session, EUR/USD extends its gradual descent in Asia Monday, as the price continues to consolidate post-ECB gains ahead of the Fed outcome.

    EUR/USD fresh bids emerge near 1.1150

    Currently, EUR/USD trades 0.09% higher at 1.1158, bouncing-off session lows reached at 1.1138 in opening hours. The main currency pair is seen trading quite choppy this session, wavering between gains and losses in a 40-pips slim range and now reverts towards daily highs, despite persistent risk-off market profile.

    The bulls manage to regain control and cling to post-ECB gains at the beginning of the big week ahead, with all eyes on the Fed decision as dust settles over the ECB aftermath. The consolidation to the upside is likely to continue going forward as the Fed is expected to stay on-hold this week, while markets seem to price-in a Nov Fed rate hike.

    In the day ahead, the trading calendar remains absolutely data-dry from both continents, with the exception of the Euro zone industrial production on the cards, which may virtually have no impact on the major.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1218 (three-week high). A break beyond the last, doors will open for a test of 1.1250/53 (Feb 15 High). On the flip side, the immediate support is placed at 1.1100 (psychological levels) below which at 1.1080/78 (Mar 11 Low) could be tested.
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