EUR/USD Retraces from 1.1300 Handle

EUR/USD Retraces from 1.1300 Handle

26 April 2016, 12:36
Roberto Jacobs

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.


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