EUR/USD Trims Losses, Around 1.1170

EUR/USD Trims Losses, Around 1.1170

25 March 2016, 08:23
Roberto Jacobs

EUR/USD Trims Losses, Around 1.1170

The shared currency has recovered part of the ground lost to the greenback in early trade, now taking EUR/USD to the 1.1165/70 band.

EUR/USD focus on US GDP

The pair is retreating for the sixth consecutive session so far after being rejected from the mid-1.1300s, all in response to a pick up in the sentiment around the greenback.

Thin trade and scarce volatility are expected to gather traction today amidst Good Friday holiday, where the only release will be US Q4 GDP figures, expected to come in at 1.0%.

EUR/USD levels to watch

The pair is now retreating 0.06% at 1.1167 facing the next support at 1.1123 (38.2% Fibo of 1.0709-1.1378) ahead of 1.1096 (20-day sma) and finally 1.1040 (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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