EUR/USD Turns Negative Near 1.1380
The upside momentum in EUR/USD seems to have found strong resistance in the area of 1.1450/60, fresh 2016 tops.
EUR/USD attention to Draghi
A
neutral tone from yesterday’s FOMC minutes has allowed the pair to snap
a 2-day negative streak on Wednesday and to extend the optimism into
the European session today, albeit for a brief period of time.
In
fact, the rally stalled in the boundaries of 1.1460, prompting sellers
to step in and drive spot lower to the current 1.1385/80 band ahead of
the speech by ECB’s M.Draghi, which seems to have gained in relevance in
light of the EUR appreciation following the March meeting.
EUR/USD levels to watch
The
pair is now down 0.14% at 1.1385 and a break below 1.1327 (low Apr.6)
would target 1.1291 (23.6% Fibo of 1.0820-1.1437) en route to 1.1266
(20-day sma). On the other hand, the initial hurdle aligns at 1.1454
(2016 high Apr.7) ahead of 1.1496 (monthly high Oct.15 2015) and then
1.1713 (high Aug.24 2015).
(Market News Provided by FXstreet)
