EUR/USD wobbling around 1.1400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The shared currency has returned to the negative territory today, dragging EUR/USD to the area below 1.1400 the figure.

    EUR/USD gains capped near 1.1460

    Spot could not sustain the earlier upside towards fresh 2016 peaks in the 1.1455/60 band, as the greenback has managed to regain some traction albeit it still remains in red figures following yesterday’s FOMC minutes.

    Earlier in the session, comments by President Draghi at the ECB’s Annual Report 2015 have put the EUR under selling pressure after arguing that the central bank will not ‘surrender’ to low inflation, although the decline found decent support at 1.1360.

    Ahead in the session, Draghi’s speech is due followed by speeches by Chief J.Yellen and KC Fed’s E.George.

    EUR/USD levels to watch

    The pair is now down 0.09% at 1.1391 and a break below 1.1327 (low Apr.6) would target 1.1291 (23.6% Fibo of 1.0820-1.1437) en route to 1.1266 (20-day sma). On the other hand, the initial hurdle aligns at 1.1454 (2016 high Apr.7) ahead of 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015).
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