EUR/USD unmotivated near 1.1260, focus on US CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The shared currency is posting moderate losses vs. the dollar on Thursday, with EUR/USD hovering over the 1.1260 area.

    EUR/USD attention to US releases

    The bearish correction remains intact around the pair so far this week, retreating for the third straight session after hitting 2016 tops near 1.1470 on Tuesday, all amidst a persistent bid tone in USD.

    Next on tap will be key inflation figures in the US tracked by the CPI seconded by the weekly report on the labour market. Prior surveys expect consumer prices to have risen 1.1% on a year to March.

    EUR/USD levels to watch

    The pair is now down 0.13% at 1.1260 and a break below 1.1219 (38.2% Fibo of 1.0820-1.1455) would open the door to 1.1163 (55-day sma) and finally 1.1142 (low Mar.24). On the flip side, the initial hurdle lines up at 1.1313 (23.6% Fibo of 1.0820-1.1455) followed by 1.1454 (2016 high Apr.7) and then 1.1496 (monthly high Oct.15 2015).
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