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EUR/USD treading water below 1.1100

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The single currency remains entrenched in the negative territory today, with EUR/USD navigating the 1.1090 area ahead of US data

    EUR/USD in red ahead of FOMC

    The pair has resumed the initial negative trend today, extending the drop from post-ECB highs beyond 1.1200 the figure amidst a context of increasing buying interest surrounding the greenback and a mild bias towards the risk appetite in response to a recovery in crude oil prices.

    The current upside in USD will be put to the test later in the NA session with the releases of February’s CPI figures in the US economy and the more relevant FOMC meeting followed by Yellen’s press conference.

    EUR/USD levels to watch

    The pair is now down 0.18% at 1.1088 facing the next support at 1.1042 (200-day sma) ahead of 1.1025 (55-day sma) and finally 1.0820 (post-ECB low Mar.10). On the other hand, a breakout of 1.1218 (post-ECB high Mar.10) would target 1.1339 (high Fe.9) en route to 1.1379 (2016 high Feb.11).

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