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EUR/USD stabs 1.1060 on US data, FOMC eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The greenback keeps the buoyant tone today, sending EUR/USD to test the 1.1060 area following further US publications.

    EUR/USD remains depressed ahead of Fed

    Spot kept the negative bias despite US Industrial Production and Capacity Utilization results have disappointed expectations during February, contracting 0.5% on a monthly basis and ticking lower to 76.7%, respectively.

    Next on tap will be the weekly report on crude oil inventories by the EIA, followed by the FOMC meeting and Chairwoman J.Yellen’s press conference.

    EUR/USD levels to watch

    The pair is now down 0.31% at 1.1074 facing the next support at 1.1042 (200-day sma) ahead of 1.1025 (55-day sma) and finally 1.0820 (post-ECB low Mar.10). On the other hand, a breakout of 1.1218 (post-ECB high Mar.10) would target 1.1339 (high Fe.9) en route to 1.1379 (2016 high Feb.11).

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