EUR/USD Extends the Rebound From 1.1190

EUR/USD Extends the Rebound From 1.1190

22 March 2016, 12:09
Roberto Jacobs

EUR/USD Extends the Rebound From 1.1190

After bottoming out in the proximity of 1.1180 earlier in the session, EUR/USD has pulled itself together and is now advancing above the 1.1200 handle.

EUR/USD attention to US data

Spot has retreated further after the terrorists attacks in Brussels early in the European morning, although some buying interest seemed to have emerged around 1.1180.

In addition, mixed results from advanced manufacturing PMIs in the euro area plus poor print from the German ZEW Survey for the current month have added to the downbeat sentiment.

In the US data space, Markit’s manufacturing PMI is due later, followed by the API’s report and the speech by Chicago Fed C.Evans.

EUR/USD levels to watch

The pair is now retreating 0.21% at 1.1217 facing the next support at 1.1123 (38.2% Fibo of 1.0709-1.1378) ahead of 1.1083 (20-day sma) and finally 1.1043 (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).

(Market News Provided by FXstreet)

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