EUR/USD Reclaims 1.1300 Mark ahead of ECB

EUR/USD Reclaims 1.1300 Mark ahead of ECB

21 April 2016, 13:42
Roberto Jacobs
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EUR/USD Reclaims 1.1300 Mark ahead of ECB

The US Dollar failed to extend its overnight strength against the Euro and the EUR/USD pair has now managed to reclaim 1.1300 mark just ahead of the ECB announcement.

EUR/USD trading near key juncture

Although the pair has managed to move back above 1.1300 mark, it is yet to clear its immediate hurdle near 1.1315 level marking 23.6% Fibonacci retracement level of 1.0825-1.1465 upswing. Following the ECB announcement, should the pair manage to clear this immediate hurdle it is likely to witness a follow-through buying interest, lifting it towards 1.1350-55 resistance zone.

On the flip side, failure to clear this immediate hurdle and a subsequent weakness back below 1.1290 level seems to turn the pair vulnerable to extend its yesterday's weakness a short-term ascending trend-line support near 1.1265 region.

Additional weakness below the trend-line support has the potential to drag the pair further towards last week low level support around 1.1234 area, also nearing 38.2% Fibonacci retracement level.


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