EUR/USD Turns Positive Above 1.1200

EUR/USD Turns Positive Above 1.1200

19 May 2016, 18:17
Roberto Jacobs

EUR/USD Turns Positive Above 1.1200

The common currency is extending its rebound from sub-1.1200 levels vs. the dollar, sending EUR/USD back to the positive territory near 1.1220.

EUR/USD bid, dollar recedes

Spot has regained some traction after the upside momentum around the greenback seems to be taking a breather following comments by NY Fed’s W.Dudley.

Dudley has once again stressed the ‘data dependent’ stance of the Fed, while he remained confident the economy will reach the inflation target in the next years.

Friday’s docket in both Euroland and the US is unappealing, leaving all the attention to the risk trends and speculations on the potential move by the Fed.

EUR/USD levels to watch

The pair is now up 0.02% at 1.1216 and a break below 1.1151 (100-day sma) would target 1.1142 (low Mar.24) en route to 1.1101 (200-day sma). On the other hand, the initial hurdle aligns at 1.1291 (55-day sma) followed by 1.1360 (20-day sma) and finally1.1448 (high May 11).


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