EUR/USD Retraces from High but Holds Above 1.1300 Mark

EUR/USD Retraces from High but Holds Above 1.1300 Mark

27 April 2016, 12:27
Roberto Jacobs
0
17

EUR/USD Retraces from High but Holds Above 1.1300 Mark

The EUR/USD pair witnessed a sudden spike to 1.1333 before retracing back to 1.1300 mark, holding with some minor gains in a range-bound trade.

Investors continue to avoid taking new positions ahead of the key monetary policy decision from the Fed on Wednesday and BoJ on Thursday.

Technical levels to watch

The pair continues to struggle in sustaining its strength above 1.1315 resistance area, marking 23.6% Fibonacci retracement level of 1.0830-1.1465 up-move. Hence, a sustained momentum above this key resistance now seems to assist the pair to surpass an intermediate resistance near 1.1355-60 area and aim towards retesting a very important resistance near 1.1400 round figure mark, which the pair hasn't been able to decisively conquer since the beginning of this month.

On the downside, dip below 1.1300 mark would be eyed for a weakness towards 1.1285-80 support ahead of 38.2% Fibonacci retracement level support near 1.1220-15 area. A clear break below 1.1220-15 support now seems to open room for further depreciating move in the near-term.


fxs_logo_news.png

Share it with friends: