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EUR/USD turns positive near 1.1370

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The single currency has left its initial negative mood and is now helping EUR/USD to clinch meager gains in the 1.1370 area.

    EUR/USD looks to risk trends, US data

    The pair is extending its positive streak this week, advancing since Monday’s lows in the 1.1260 region albeit gains appear somewhat limited around yesterday’s tops near 1.1380, all backed by a rapid depreciation of the US dollar.

    Nothing worth mentioning data wise in Euroland, whereas Existing Home Sales and the EIA weekly report on crude inventories will take centre stage across the pond.

    EUR/USD levels to watch

    The pair is now up 0.06% at 1.1366 and a break above 1.1454 (2016 high Apr.7) would open the door to 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015). On the flip side, the immediate support aligns at 1.1333 (20-day sma) followed by 1.1313 (23.6% Fibo of 1.0820-1.1455) and finally 1.1232 (low Apr.14).
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