Shaun Osborne, Chief FX Strategist at Scotiabank explained that EURUSD losses from the mid 1.13 peak reached following the FOMC have slowed in the past few days, with steady support emerging in the low/mid 1.11 area.
"That likely reflects short-covering over the Easter break more than anything else, however, and we still think the EUR will struggle to improve significantly at the moment. Interest rate differentials remain strongly in favour of the USD and the
ECB remains challenged by the Eurozone’s low inflation/weak inflation expectations outlook. We still rather think short-term EUR gains to the 1.12 area are a sell."
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