EUR/USD rises above 1.1400 as dollar tumbles ahead of FOMC minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD broke above 1.1401 and climbed to 1.1431 hitting the highest level since last Friday and is only a few pips below last week highs. If it rises above 1.1437 it would be trading at the strongest level since October.

    The pair gained momentum amid a sharp decline of the US dollar across the board. Also, stocks in the US have risen strongly during the last hour. The Dow Jones that was in negative territory is now up 0.50% while the Nasdaq gains 0.97%.

    Greenback is trading at lows across the board and at the weakest in 17 months versus the yen. No particular event triggered the decline of the dollar. Traders are waiting for the FOMC minutes of the March FOMC meeting when the Federal Reserve left interest rate unchanged.

    EUR/USD levels to watch

    At the moment, the pair is holding above 1.1400, trading at 1.1415/20, a hundred pips above the daily low that reached four hours ago at 1.1325 (6-day low). To the upside, resistance level might be seen at 1.1437 (Apr 1 and 2016 high) ahead of 1.1495 (Oct high). On the opposite direction, support might now be seen at 1.1405 (previous high), 1.1375 (20-hour moving average) and 1.1325 (Apr 1 & 5 low).
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