EUR/USD stuck within daily range

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/USD keeps meandering a tight 20-pip range on Easter Monday rebounding from the mid-1.11s and with gains capped near 1.1175.

    EUR/USD focus on US data

    Today’s inactivity in euro markets keeps weighing on the pair for the time being, prolonging its sideline theme ahead of key US releases later in the NA session: Goods Trade Balance, PCE, Pending Home Sales and Personal Income/Spending.

    In the meantime, the recent decline in spot met decent support in the 1.1150 region, prompting traders to think that an interim top around 1.1350 could be in place.

    EUR/USD levels to watch

    The pair is now retreating 0.02% at 1.1166 facing the next support at 1.1126 (20-day sma) ahead of 1.1099 (50% Fibo of 1.1379-1.0820) and finally 1.1039 (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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