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EUR/USD through 1.1400, fresh highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The single currency keeps the positive note during the second half of the week, sending EUR/USD to test highs in levels above the 1.1400 handle.

    EUR/USD bid on USD-weakness

    The pair is prolonging its weekly upside to fresh 2016 highs near 1.1400 the figure today, backed by the persistent offered tone around the greenback, as recent comments by Yellen and other FOMC members still linger.

    Furthermore, in a cautious tone at his speech today, Fed’s Evans sees two rate hikes this year while he remains more optimistic about the GDP in Q2.

    In addition, positive results from German inflation figures yesterday and EMU’s Core CPI today have given extra impetus to the EUR’s upside.

    EUR/USD levels to watch

    The pair is now up 0.56 at 1.1403 facing the next resistance at 1.1496 (monthly high Oct.15 2015) followed by 1.1713 (high Aug.24 2015). On the downside, a break below 1.1220 (23.6% Fibo of 1.0820-1.1344) would target 1.1176 (20-day sma) en route to 1.1041 (200-day sma).

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