EUR/USD Challenging Lows sub-1.1300, ECB Eyed

EUR/USD Challenging Lows sub-1.1300, ECB Eyed

21 April 2016, 08:03
Roberto Jacobs

EUR/USD Challenging Lows sub-1.1300, ECB Eyed

The single currency is now posting marginal losses vs. its American counterpart on Thursday, sending EUR/USD back below the 1.1300 handle.

EUR/USD attention to ECB

Spot has returned to the 1.1300/1.1290 area and is wobbling between gains and losses after yesterday’s significant reversal from the boundaries of 1.1400 the figure.

A better tone in crude oil prices has sparked another bout of risk-on trade, while the greenback remains bid for the time being, all weighing on the pair ahead of the ECB meeting due later.

EUR/USD levels to watch

The pair is now up 0.02% at 1.1298 and a break above 1.1387 (high Apr.20) would target 1.1454 (2016 high Apr.7) en route to 1.1496 (monthly high Oct.15 2015). On the flip side, the immediate support aligns at 1.1219 (38.2% Fibo of 1.0820-1.1455) followed by 1.1192 (55-day sma) and finally 1.1142 (low Mar.24).


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