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EUR/USD spikes to 1.1190 on ECB

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    A bout of buying interest has seen EUR/USD clinching the area of 1.1190, strongly rebounding from the mid-1.1100s.

    EUR/USD bid post-ECB

    Spot has been boosted to the proximity of 1.1200 the figure after the ECB informed that the total take up in the last TLTRO was €7.3 billion for 910 days. Although the result prompted the greenback to give away part of its initial gains, the pair remains in the negative territory, returning to the 1.1170 region.

    Next on tap for the pair will be US Initial Claims, Services PMI and Durable Goods Orders, all preceding tomorrow’s more relevant Q4 GDP figures.

    EUR/USD levels to watch

    The pair is now retreating 0.08% at 1.1170 facing the next support at 1.1123 (38.2% Fibo of 1.0709-1.1378) ahead of 1.1084 (20-day sma) and finally 1.1041 (200-day sma). On the flip side, a break above 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) en route to 1.1496 (monthly high Oct.15 2015).

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