EUR/USD struggles to hold above 1.1400, ECB minutes in focus

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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    The bulls are seen struggling to retain 1.14 barrier over the past few hours, having faded a spike to 1.1414 post-Tokyo open.

    EUR/USD fails to benefit from dovish FOMC minutes

    Currently, EUR/USD trades almost unchanged at 1.1399, finding good support ahead of 5-DMA placed at 1.1392. The main currency pair failed to sustain at the six-month tops and retreated in the overnight trades, now consolidating around 1.14 handle amid mixed markets, awaiting fresh impetus from the European open as well as ECB March monetary policy meeting minutes.

    The EUR/USD pair dropped nearly 20-pips to 1.14 barrier on the dovish FOMC minutes release and now extends its struggle with the last, as markets continue to assess the cautious Fed stance on the monetary policy. Meanwhile, the US dollar index trades -0.10% lower at 94.40 levels, heading towards fresh half-yearly lows printed yesterday at 94.25.

    EUR/USD Technical Levels

    In terms of technicals, the pair finds the immediate resistance at 1.1437/50 (Apr 1 High/ Oct 2015 levels). A break beyond the last, doors will open for a test of 1.1500 (psychological levels). On the flip side, the immediate support is placed at 1.1355/28 (10-DMA/ 1h 200-SMA) below which at 1.1300 (key support) could be tested.
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