EUR/USD Reverses a Spike to 1.1375, ECB Draghi Eyed
The bulls failed another attempt to reach 1.14 handle earlier in Asia, with the EUR/USD pair now easing back towards the daily lows.
EUR/USD supported at 20-DMA at 1.1355
Currently, EUR/USD trades almost unchanged at 1.1360, having posted
session highs at 1.1374 in mid-Asia. The main currency pair took a
breather in its recent upsurge and consolidated in the upper band of
1.13 handle almost through Asia, before facing fresh offers in early
Europe as the US dollar appear to jumped back on the bids against its
six major peers.
The major failed to benefit from the persisting risk-off trades in the
market amid fresh sell-off in oil prices, which capped the upside in the
Asian equities. Markets moved past upbeat ZEW economic sentiment data,
as focus now turns towards ECB Chief Draghi’ speech scheduled later this
session ahead of the US existing home sales data lined up for release
in the NY session.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance at
1.1393/1.1400 (Apr 13 High/ round number). A break beyond the last,
doors will open for a test of 1.1450 (round number). On the flip side,
the immediate support is placed at 1.1336/23 (10 & 5-DMA) below
which at 1.1303/1.1274 (1h 100-SMA/ Apr 18 Low) could be tested.
