EUR/USD Up & Down it Goes, Back Below 1.13
The dollar is alive! EUR/USD has fully reversed the initial bullish attempt to the 1.1400 handle and is now posting losses in the 1.1280 area.
EUR/USD turns negative in sub-1.13 area
Spot
has quickly come under increasing selling pressure in the wake of the
press conference by President Draghi, fully fading the up move to daily
highs in levels just shy of the 1.1400 handle.
The pair has
accelerated the pullback after the greenback found buyers in the
critical support band at 93.90/94.00 when gauged by the US Dollar Index.
EUR/USD levels to watch
The
pair is now losing 0.02% at 1.1291 with the next support 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). On the other hand, a break above 1.1454
(2016 high Apr.7) would target 1.1496 (monthly high Oct.15 2015) en
route to 1.1713 (monthly high Aug.24 2015).
