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EUR/USD revisiting daily highs above 1.13

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Another wave of USD selling hit the markets, pushing the EUR/USD in the vicinity of the session high of 1.1342 set earlier today.

    Weak stocks support EUR

    The major US equity indices are trading in the red, which adds to the bullish tone around EUR. Meanwhile, US desks are once again offering the greenback in response to Fed’s backtracking from December’s hawkish stance.

    A slightly upbeat US data released a few minutes ago failed to help the greenback. Ahead in the day, dollar selling may continue as there is no data release that could change overall sentiment in the favor of the US dollar.

    The spot currently trades around 1.1330; up 1% on the day.

    EUR/USD Technical Levels

    The spot could target 1.1376 (Feb 11 high), if the immediate hurdle at 1.1342 (daily high) is taken out. On the other hand, a breakdown of immediate support 1.1256 (61.8% of 1.1376-1.0517) would expose 1.12 handle.
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