EUR/USD Directionless Around 1.1260, US Data Eyed

EUR/USD Directionless Around 1.1260, US Data Eyed

15 April 2016, 11:02
Roberto Jacobs

EUR/USD Directionless Around 1.1260, US Data Eyed

The single currency is alternating gains with losses at the end of the week, taking EUR/USD to the comfort zone in the mid-1.1200s.

EUR/USD focus on US releases

Spot remains on its way to close the first week with losses after two consecutive advances, including a fresh 2016 peaks around the 1.1470 area, all amidst a renewed bid tone surrounding the greenback and a pick up in the risk appetite.

Following yesterday’s lower-than-expected inflation figures in the US economy, today’s US Industrial Production and Capacity Utilization will take centre stage followed by a gauge of the consumer sentiment tracked by the Reuters/Michigan index.

EUR/USD levels to watch

The pair is now up 0.04% at 1.1269 and a break below 1.1219 (38.2% Fibo of 1.0820-1.1455) would open the door to 1.1171 (55-day sma) and finally 1.1142 (low Mar.24). On the flip side, the initial hurdle lines up at 1.1313 (23.6% Fibo of 1.0820-1.1455) followed by 1.1454 (2016 high Apr.7) and then 1.1496 (monthly high Oct.15 2015).

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