EUR/USD retreats but holds above 1.1300

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD pulled back during the American session after reaching a 7-week high at 1.1364. The decline from the highs found support at 1.1315, slightly above the 20-hour moving average.

    The pair currently trades at 1.1320/25, up 35 pips, rising for the third day in a row and headed toward the highest daily close since October.

    The US dollar trimmed losses across the board during the last hours and pushed EUR/USD to the downside as stocks in the US also moved off session highs.

    EUR/USD technical levels

    To the upside resistance level might be located at 1.1340/45 (intraday level / March16 high), 1.1375 (Feb 10 high) and 1.1400 (psychological). On the opposite direction, support could be seen at 1.1312/15 (20-hour MA / American session low), 1.1280 (daily low) and 1.1220 (March 28 high).

    Date ahead

    After today’s preliminary March CPI reading in Germany, tomorrow will be the turn of Eurozone CPI data; the annual rate is expected to have risen from -0.2% to -0.1% and the core rate from 0.8% to 1.0%. Also, the minutes from the latest European Central Bank meeting will be released.

    In the US, jobless claims data and the Chicago PMI will be the reports to watch. Traders attentions is on Friday’s NFP report.

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