EUR/USD Attempting Break Above 1.14

EUR/USD Attempting Break Above 1.14

11 April 2016, 13:55
Roberto Jacobs

EUR/USD Attempting Break Above 1.14

EUR/USD bounced back from hourly 200-MA and is now attempting a break above 1.14 handle amid positive action in the European equities and US index futures.

Eyes Fed speak

Traders now await comments from Fed’s William Dudley, who is more likely to state possibility of two rate hikes this year, but maintain cautious approach is necessary. Traders would also keep an eye on US Treasury Secretary Jack Lew’s comments.

As of now the spot is trading just around 1.14 handle after having rebounded from hourly 200-MA which has capped losses in the pair since April 7th.

EUR/USD Technical Levels

The immediate hurdle is noted around 1.1454 (Apr 7 high), above which the spot could test 1.15 handle. A break higher would expose 1.1561 (Aug 26 high). Conversely, a breakdown of immediate support at 1.14 would open doors for a drop to 1.1379 (hourly 200-MA). A violation there would expose 1.13 levels.

(Market News Provided by FXstreet)

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