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EUR/USD wobbles around 1.1200, Yellen eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The common currency keeps its daily gains vs. the greenback today, with EUR/USD hovering over the key 1.1200 handle.

    EUR/USD gains capped around 1.1220

    The pair is posting gains for the second straight session so far, recovering part of last week’s sell off and extending the bounce off recent lows in the mid-1.1100s, all against the backdrop of a weaker greenback across the board.

    Data wise in the US, the S&P?Case-Shiller index rose 5.7% on a year to January, a tad below consensus. Next on tap will be CB’s Consumer Confidence (94.0 exp.) followed by the key speech by Chairwoman J.Yellen.

    EUR/USD levels to watch

    The pair is now gaining 0.12% at 1.1210 facing the next hurdle at 1.1344 (high Mar.17) ahead of 1.1378 (2016 high Feb.11) and then 1.1496 (monthly high Oct.15 2015). On the other hand, a breakdown of 1.1143 (20-day sma) would target 1.1082 (50% Fibo of 1.0820-1.1344) en route to 1.1039 (200-day sma).

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