EUR/USD is Back Below Hourly 100-MA

EUR/USD is Back Below Hourly 100-MA

8 April 2016, 12:57
Roberto Jacobs

EUR/USD is Back Below Hourly 100-MA

Minor bullish move in EUR/USD fell apart around 1.1390-1.14 levels and the pair is back below hourly 100-MA level of 1.1382 levels.

Range intact

The currency pair remains restricted in a week long range of 1.1438-1.1335. On a narrower scheme of things, the spot appears stuck between hourly 50-MA and hourly 200-MA level of 1.1384-1.1359 levels.

The downside has been capped by recovery in the Yen cross following a sharp sell-off in the last few session. Meanwhile, Draghi’s comments released yesterday are ensuring the currency pair has a tough time taking out 1.1390-1.14 handle.

EUR/USD Technical Levels

The immediate hurdle is noted at 1.1382-1.1384 (hourly 100-Ma and hourly 50-MA), above which prices could have relook at this week’s high of 1.1454. A break higher would expose 1.15 handle. On the other hand, a break below 1.1359 (hourly 200-MA), under which losses could be extended to 1.1327 (Apr 6 low) and 1.13 levels.

(Market News Provided by FXstreet)

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