EUR/USD Surrenders Gains, Back to 1.1280

EUR/USD Surrenders Gains, Back to 1.1280

18 April 2016, 08:02
Roberto Jacobs

EUR/USD Surrenders Gains, Back to 1.1280

EUR/USD has abandoned the area of daily highs above the 1.1300 handle, slipping back towards the 1.1285/80 band ahead of the opening bell in Euroland.

EUR/USD focus on risk trends

The pair could not sustain the earlier advance beyond the 1.1300 mark at the beginning of the week in response to the fiasco at the meeting in Doha, giving away initial gains and returning to the comfort zone around 1.1280.

Risk appetite trends will remain the exclusive driver today in the global markets while traders continue to digest the ‘no deal’ between OPEC and non-OPEC countries yesterday and amidst a vacuum of data in the euro area.

EUR/USD levels to watch

The pair is now up 0.01% at 1.1285 and a break above 1.1313 (20-day sma) would aim for 1.1454 (2016 high Apr.7) and then 1.1496 (monthly high Oct.15 2015). On the flip side, the initial support aligns at 1.1219 (38.2% Fibo of 1.0820-1.1455) followed by 1.1186 (55-day sma) and finally 1.1142 (low Mar.24).


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