EUR/USD Heading Towards 1.1400 Mark

EUR/USD Heading Towards 1.1400 Mark

28 April 2016, 08:52
Roberto Jacobs

EUR/USD Heading Towards 1.1400 Mark

The EUR/USD pair move to the high point of the day, 1.1350 level, benefited by USD’s sharp weakness against the Japanese currency.

On Thursday, BoJ shocked markets by staying on sidelines at its April policy meeting as against broad expectations of announcing further easing measures to stimulate Japanese economy. The pair would take further cues from today's release of German prelim CPI data.

Technical levels to watch

The pair currently is trading near 1.1350 level, representing a short-term descending trend-line resistance. On a clear break-through this immediate resistance the pair should be aiming to retest 1.1400 handle, which continue to be a key resistance for the pair.

Meanwhile, reversal from current resistance area now seems to take immediate support near 1.1320-15 region, which if broken might expose further downside below 1.1300 round figure mark. Below 1.1300 mark, the pair seems to continue drifting lower towards and intermediate horizontal support near 1.1260-50 area before heading towards a very important support near 1.1220-15 region.


Share it with friends: