EUR/USD treading water near 1.1160

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The shared currency is extending its sideline pattern vs. the US dollar on Good Friday, taking EUR/USD to the 1.1160 area.

    EUR/USD poised for further rangebound

    Spot keeps meandering within a tight range at the end of the week amidst marginal trading conditions due to the Good Friday holiday and the upcoming Easter Monday holiday in Europe.

    In the meantime, the pair is prolonging its bearish performance for the six session in a row against the backdrop of a continuation of the USD rally, supported further today after US GDP figures have surprised markets to the upside during Q4 2015.

    EUR/USD levels to watch

    The pair is now retreating 0.09% at 1.1165 facing the next support at 1.1123 (38.2% Fibo of 1.0709-1.1378) ahead of 1.1096 (20-day sma) and finally 1.1040 (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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