EUR/USD Off Lows, Retakes 1.1280 ahead of FOMC

EUR/USD Off Lows, Retakes 1.1280 ahead of FOMC

18 May 2016, 14:22
Roberto Jacobs
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EUR/USD Off Lows, Retakes 1.1280 ahead of FOMC

The shared currency keeps the negative tone today, with EUR/USD meandering around the 1.1280/85 band ahead of the FOMC minutes.

EUR/USD attention to FOMC

The pair has managed to rebound from earlier lows in the mid-1.1200s although it still remains in the red territory against the backdrop of sustained buying interest around the greenback.

Positive results in the US docket plus hawkish comments by FOMC governors – Lockhart and Williams – have added extra upside pressure to the buck today, exacerbating the pair’s break below the key support at 1.1300 the figure.

EUR/USD levels to watch

The pair is now retreating 0.24% at 1.1286 and a break below 1.1213 (low Apr.25) would target 1.1148 (100-day sma) en route to 1.1142 (low Mar.24). On the other hand, the initial hurdle aligns at 1.1366 (20-day sma) followed by 1.1448 (high May 11) and finally 1.1615 (2016 high May 3).


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