EUR/USD turns positive, jumps to 1.1400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The single currency has reverted the initial downside vs. the greenback, quickly lifting EUR/USD back to the 1.1400 neighbourhood.

    EUR/USD bid ahead of FOMC

    A current bout of selling interest is hurting the US dollar, prompting the pair to leave behind the area of multi-day lows near 1.1330 and retake the boundaries of the 1.1400 mark.

    USD will take the driver’s seat later in the NA session, as the FOMC will publish its minutes from the March 16 meeting. Prior surveys expect the Committee to deliver a mixed tone, reflecting the recent comments by Fed officials.

    EUR/USD levels to watch

    The pair is now up 0.03% at 1.137 facing the next hurdle at 1.1437 (2016 high Apr.1) ahead of 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015).On the flip side, a break below 1.1291 (23.6% Fibo of 1.0820-1.1437) would target 1.1253 (20-day sma) en route to 1.1142 (low Mar.24).
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