EUR/USD In Highs Near 1.1340, ZEW Eyed

EUR/USD In Highs Near 1.1340, ZEW Eyed

19 April 2016, 09:07
Roberto Jacobs

EUR/USD In Highs Near 1.1340, ZEW Eyed

The greenback continues to trade on the defensive during the first half of the week, now sending EUR/USD to print daily highs in the 1.1340 area.

EUR/USD focus on ZEW

Spot is advancing for the second session in a row after a positive start of the week and in response to a renewed offered tone around the greenback. After briefly testing multi-day lows near 1.1240 early on Monday, EUR has managed to pick up pace and regain the 1.1300 mark and above.

Later in the European morning, German/EMU ZEW Survey is due, with consensus expecting the Economic Sentiment to have improved in Germany during the current month.

In the US docket, the housing sector will take centre stage in light of the releases of Housing Starts and Building Permits.

EUR/USD levels to watch

The pair is now up 0.16% at 1.1331 and a break above 1.1454 (2016 high Apr.7) would open the door to 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015). On the flip side, the immediate support aligns at 1.1219 (38.2% Fibo of 1.0820-1.1455) followed by 1.1190 (55-day sma) and finally 1.1142 (low Mar.24).


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