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EUR/USD under pressure, testing 1.1350

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The shared currency is prolonging its correction lower today, sending EUR/USD to print daily lows in the mid-1.1300s.

    EUR/USD focus on FOMC minutes

    The pair is retreating since Monday after clinching fresh 2016 peaks in the vicinity of 1.1440 (Friday), amidst some sort of renewed buying interest around the dollar, a pick up in the risk appetite trends and some profit taking following last week’s rally.

    On the data front, German Industrial Production has contracted less than expected during February, 0.5% vs. a forecasted drop of 1.8%. Next of relevance will be the FOMC minutes, to be published during the European evening. Consensus expects a mixed tone, reflecting the recent comments by several members.

    EUR/USD levels to watch

    The pair is now down 0.20% at 1.1361 and 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). On the other hand, the initial hurdle aligns at 1.1437 (2016 high Apr.1) ahead of 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015).
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