EUR/USD in a Tight Range Near 1.1370
The shared currency is trading almost unchanged vs. its American counterpart at the beginning of the week, taking EUR/USD to the 1.1370 area.
EUR/USD gains capped near 1.1450
The
pair has faded yesterday’s spike to fresh 2016 peaks in the mid-1.1400s
following dovish comments by Draghi and other ECB officials on
Thursday.
However, the main driver behind the ongoing EUR rally
continues to be the USD-dynamics, as market participants keep adjusting
to the new Fed’s projected rate path for the current year.
EUR/USD levels to watch
The
pair is now down 0.08% at 1.1369 and a break below 1.1325 (low Apr.6)
would target 1.1291 (23.6% Fibo of 1.0820-1.1437) en route to 1.1276
(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).
(Market News Provided by FXstreet)
