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EUR/USD returns to the mid-1.1100s

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The common currency is back to the red figures vs. the greenback on Thursday, with EUR/USD returning to the area of session lows near 1.1155/50.

    EUR/USD weaker ahead of US data

    Spot has quickly faded the stab to the 1.1190 area, or session highs, as the up move lacked of follow through and the greenback resumed its upside momentum soon afterwards.

    Nothing relevant in the euro area on the data front, while US Initial Claims, Durable Goods Orders and Services PMI will take centre stage later in the NA session.

    EUR/USD levels to watch

    The pair is now retreating 0.19% at 1.1159 facing the next support at 1.1123 (38.2% Fibo of 1.0709-1.1378) ahead of 1.1084 (20-day sma) and finally 1.1041 (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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