EUR/USD trims losses, around 1.1170

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 has recovered part of the ground lost to the greenback in early trade, now taking EUR/USD to the 1.1165/70 band.

    EUR/USD focus on US GDP

    The pair is retreating for the sixth consecutive session so far after being rejected from the mid-1.1300s, all in response to a pick up in the sentiment around the greenback.

    Thin trade and scarce volatility are expected to gather traction today amidst Good Friday holiday, where the only release will be US Q4 GDP figures, expected to come in at 1.0%.

    EUR/USD levels to watch

    The pair is now retreating 0.06% at 1.1167 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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