EUR/USD reverses a spike to 1.1375, ECB Draghi eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The bulls failed another attempt to reach 1.14 handle earlier in Asia, with the EUR/USD pair now easing back towards the daily lows.

    EUR/USD supported at 20-DMA at 1.1355

    Currently, EUR/USD trades almost unchanged at 1.1360, having posted session highs at 1.1374 in mid-Asia. The main currency pair took a breather in its recent upsurge and consolidated in the upper band of 1.13 handle almost through Asia, before facing fresh offers in early Europe as the US dollar appear to jumped back on the bids against its six major peers.

    The major failed to benefit from the persisting risk-off trades in the market amid fresh sell-off in oil prices, which capped the upside in the Asian equities. Markets moved past upbeat ZEW economic sentiment data, as focus now turns towards ECB Chief Draghi’ speech scheduled later this session ahead of the US existing home sales data lined up for release in the NY session.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1393/1.1400 (Apr 13 High/ round number). A break beyond the last, doors will open for a test of 1.1450 (round number). On the flip side, the immediate support is placed at 1.1336/23 (10 & 5-DMA) below which at 1.1303/1.1274 (1h 100-SMA/ Apr 18 Low) could be tested.
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