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EUR/USD trims daily losses, approaches 1.1400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/USD fell to test fresh daily lows during the European session but found support at the 1.1360/55 area and bounced, trimming intraday losses.

    The US dollar started the week on a firm note in the absence of major drivers, but it has given up ground over the last hours as investors turn attention to the next string of US data, including labor market conditions index and factory orders.

    EUR/USD bottomed out at 1.1356 but found support and climbed back to the 1.1390 region, practically erasing early losses. At time of writing, the pair is trading at 1.1383, just a few pips below its opening price.

    EUR/USD levels to watch

    In terms of technical levels, EUR/USD could find next resistances at 1.1437 (Apr 1 high), 1.1494 (Oct 15 high) and 1.1560 (Aug 26 high). On the flip side, supports are seen at 1.1357 (Apr 4 low), 1.1334 (Apr 1 low) and 1.1270 (10-day SMA).
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