EUR/USD stabilizes around 1.1400, eyes on Yellen

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/USD has steadied in a narrow range around 1.1400 over the last hours after a choppy session that saw the pair fell more than a cent from fresh year-to-date highs to find support at the 200-hour SMA.

    EUR/USD retreated from a peak of 1.1453 to a low of 1.1337 and finally settled at mid-range as investors await a speech from Fed Chair Janet Yellen.

    On Wednesday, minutes from latest FOMC minutes showed some members were ready to tighten policy further while others wanted to take a cautious stance. Overall, FOMC minutes emphasized the decision will be live and will remains data-dependant.

    On the other side of the pond, ECB minutes showed Thursday, the Governing Council discussed a deeper rate cut in March.

    EUR/USD technical levels

    In terms of technical levels, EUR/USD could find immediate supports at 1.1326 (Apr 6 low), 1.1309 (Mar 31 low) and 1.1265 (20-day SMA). On the other hand, resistances line up at 1.1453 (2016 high, Apr 7), 1.1494 (Oct 15 high) and 1.1560 (Aug 26 high).
    For more information, read our latest forex news.

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