EUR/USD through 1.1300 ahead of German CPI, ADP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The shared currency keeps pushing higher on Wednesday, now sending EUR/USD to post daily peaks beyond the 1.1300 barrier.

    EUR/USD boosted by Yellen

    The greenback keeps suffering yesterday’s dovish comments by Chairwoman Yellen, helping spot to gain more than a cent since Tuesday’s troughs in the 1.1180 area.

    In fact, J.Yellen has eroded hopes of a potential rate hike in April – as hinted by recent comments by her FOMC peers – after confirming the Fed’s March projections of 2 rate hikes this year, while she remained wary of low inflation and sluggish growth overseas.

    Next of relevance in the region will be the German flash inflation figures during March, while the ADP report will grab all the attention across the pond.

    EUR/USD levels to watch

    The pair is now up 0.05% at 1.1301 facing the next resistance at 1.1344 (high Mar.17) ahead of 1.1378 (2016 high Feb.11) and then 1.1496 (monthly high Oct.15 2015). On the downside, a break below 1.1220 (23.6% Fibo of 1.0820-1.1344) would target 1.1156 (20-day sma) en route to 1.1041 (200-day sma).

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