EUR/USD Heading Towards 1.1400 Mark
The EUR/USD pair move to the high point of the day, 1.1350 level, benefited by USD’s sharp weakness against the Japanese currency.
On
Thursday, BoJ shocked markets by staying on sidelines at its April
policy meeting as against broad expectations of announcing further
easing measures to stimulate Japanese economy. The pair would take
further cues from today's release of German prelim CPI data.
Technical levels to watch
The
pair currently is trading near 1.1350 level, representing a short-term
descending trend-line resistance. On a clear break-through this
immediate resistance the pair should be aiming to retest 1.1400 handle,
which continue to be a key resistance for the pair.
Meanwhile,
reversal from current resistance area now seems to take immediate
support near 1.1320-15 region, which if broken might expose further
downside below 1.1300 round figure mark. Below 1.1300 mark, the pair
seems to continue drifting lower towards and intermediate horizontal
support near 1.1260-50 area before heading towards a very important
support near 1.1220-15 region.
