EUR/USD wobbles near 1.1170, US data eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The common currency is looking to extend the rebound from overnight troughs vs. the dollar, now sending EUR/USD to the 1.1165/70 band.

    EUR/USD rangebound ahead of US data

    The consolidative theme remains unchanged around the pair at the beginning of the week extending the mood from past sessions against a backdrop of scarce activity as Euroland celebrates Easter Monday.

    Empty docket in the euro area will leave the attention to the US activity, where PCE, Personal Income/Spending and Goods Trade Balance are all due later in the NA session.

    EUR/USD levels to watch

    The pair is now retreating 0.01% at 1.1166 facing the next support at 1.1126 (20-day sma) ahead of 1.1099 (50% Fibo of 1.1379-1.0820) and finally 1.1039 (200-day sma). On the flip side, a break above 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) en route to 1.1496 (monthly high Oct.15 2015).
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