EUR/USD Retraces from 1.1300 Handle
The EUR/USD
pair continues to build on to its recovery momentum, but seems to get
fresh offers near 1.1300 round figure mark to currently trade near
1.1280 level.
Ahead of the FOMC and BoJ monetary policy meetings
traders continue to lighten their USD/JPY bullish position and the
rippling effect is being felt amongst other majors, including the
EUR/USD pair. Also watch out for today release of monthly durable goods
orders for short-term trading cues.
Technical levels to watch
On
the upside, the pair might continue to struggle to move back above
1.1300 handle. However, a clear break-through 1.1300-1.1315 resistance,
nearing 23.6% Fibonacci retracement level of 1.0830-1.1465 up-swing
seems to pave way for additional up-move in the near-term.
On the
downside, below 1.1250 day's low support, 1.1220-15 area would emerge
as immediate support, which if breached has the potential to drag the
pair immediately towards 50-day SMA support near 1.1190-85 region.