EUR/USD Clings to 1.1250, Looks Past Data

EUR/USD Clings to 1.1250, Looks Past Data

14 April 2016, 19:10
Roberto Jacobs

EUR/USD Clings to 1.1250, Looks Past Data

EUR/USD continues to hover around 1.1250/60 unable to set intraday direction despite disappointing US consumer price data and comments from Fed’s Lockhart saying he will no longer advocate for a rate hike in April, but sees two or three hikes this year as possible.

EUR/USD dipped to a low of 1.1233 during the European session but found support, and has spent the rest of the day in a slim range, as most pairs. At time of writing, EUR/USD is trading at 1.1258, 0.15% below its opening price.

On the data front, Eurozone CPI came in at 1.2% in annual basis, matching market’s expectations while US consumer inflation rose 0.9% in March, below the 1.2% of forecast.

EUR/USD levels to watch

As for technical levels, next supports could be found at 1.1233 (Apr 14 low), 1.1178 (50-day SMA) and 1.1144 (Mar 24 low). On the other hand, resistances line up at 1.1305 (20-day SMA), 1.1390 (Apr 13 high), 1.1464 (2016 high, Apr 12) and 1.1494 (Oct 15 high).

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