EUR/USD stuck within daily range

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The European currency is extending its sideline pattern against the dollar today, with EUR/USD trading unmotivated around 1.1330.

    EUR/USD well supported near 1.1300

    Spot has faded the earlier spike towards the proximity of 1.1350, giving away some pips and now meandering around the 1.1330 region against the backdrop of persistent USD-selling.

    Previously, German/EMU ZEW Survey showed Economic Sentiment surpassing expectations for the current month, although the pair remained apathetic on the results. Across the pond, Housing Starts and Building Permits are only due.

    EUR/USD levels to watch

    The pair is now up 0.17% at 1.1332 and a break above 1.1454 (2016 high Apr.7) would open the door to 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015). On the flip side, the immediate support aligns at 1.1219 (38.2% Fibo of 1.0820-1.1455) followed by 1.1190 (55-day sma) and finally 1.1142 (low Mar.24).
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