EUR/USD reverts the decline, rebounds to 1.1400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The now softer tone around the greenback is allowing EUR/USD to re-visit the 1.1400 neighbourhood, or session highs.

    EUR/USD looking to close the week with gains

    Choppy day for the pair so far, now recovering some ground lost after bottoming out near 1.1350 and looking to extend its gains for the second consecutive session (needs to close above 1.1401).

    Nothing worth mentioning data wise in Euroland and empty docket in US has shifted the centre of attention to speeches by Dudley, Harker and Kaplan. Dudley was perceived as dovish earlier, when he advocated for further caution regarding potential rate hikes and showed concerns over the low level of inflation.

    EUR/USD levels to watch

    The pair is now up 0.16% at 1.1396 facing the next resistance at 1.1454 (2016 high Apr.7) ahead of 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015). On the flip side, a breakdown of 1.1325 (low Apr.6) would target 1.1291 (23.6% Fibo of 1.0820-1.1437) en route to 1.1276 (20-day sma).
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