EUR/USD Advances Further Around 1.1420

EUR/USD Advances Further Around 1.1420

1 April 2016, 13:51
Roberto Jacobs

EUR/USD Advances Further Around 1.1420

The common currency keeps its buoyant march intact today, now lifting EUR/USD to fresh 2016 highs in the 1.1420/25 band.

EUR/USD stronger ahead of Payrolls

Spot has quickly taken out February’s tops and is now trading in multi-month peaks, facing the next resistance around the 1.1500 mark (October 2015 highs), all propped up by the mounting selling pressure around the greenback and a generalized bias towards the risk aversion.

Previously, German and EMU final manufacturing PMIs have surprised to the upside during March, lending further support to the single currency, all ahead of today’s US Non-farm Payrolls (205K exp.), and ISM Manufacturing.

EUR/USD levels to watch

The pair is now up 0.33% at 1.1420 facing the next resistance at 1.1496 (monthly high Oct.15 2015) ahead of 1.1713 (high Aug.24 2015). On the downside, a break below 1.1198 (20-day sma) would target 1.1142 (low Mar.24) en route to 1.1043 (200-day sma).

(Market News Provided by FXstreet)

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