EUR/USD reverts the downside, 1.13 on sight?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The shared currency is extending its sharp bounce off daily lows vs. the greenback pushing EUR/USD to the vicinity of 1.1290/1.1300.

    EUR/USD supported at 1.1230

    The pair has found some buying interest following comments by ECB’s Likanen, stating that the recently announced easing measures will lift inflation and bolster the recovery in the region.

    Additionally, the German lender Bundesbank now expects consumer prices to remain negative in the upcoming months, while the economic growth is poised to ease somewhat in Q2.

    Nothing expected on the data front in the euro area, while Existing Home Sales and Lockhar’s speech are due later in the NA session.

    EUR/USD levels to watch

    The pair is now up 0.03% at 1.1274 and a breakout of 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) and then 1.1496 (monthly high Oct.15 2015). On the flip side, the immediate support aligns at 1.1220 (23.6% Fibo of 1.0709-1.1378) ahead of 1.1073 (20-day sma) and finally 1.1043 (200-day sma).
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