EUR/USD Parked Around 1.1370, Bunds, Oil Eyed

EUR/USD Parked Around 1.1370, Bunds, Oil Eyed

8 June 2016, 12:00
Roberto Jacobs
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EUR/USD Parked Around 1.1370, Bunds, Oil Eyed

EUR/USD is now attempting a consolidative pattern around 1.1370, all within a narrow range between 1.1350 and 1.1380.

EUR/USD looks to German FI

The pair is recovering from the earlier knee-jerk to the mid-1.1300s following a softer tone in the German FI space, with yields in Bunds - 2y, 5y and 10y - bouncing off session lows.

EUR is also deriving support from the current rally in crude oil prices, where the barrel of Brent crude is approaching the key $52.00 mark.

Nothing expected data wise in Euroland, whereas the EIA report on crude oil inventories is worth mentioning across the pond.

EUR/USD levels to watch

The pair is now up 0.11% at 1.1370 and a break above 1.1393 (high Jun.6) would expose 1.1448 (high May 11) and finally 1.1466 (high Apr.12). On the flip side, the immediate support lines up at 1.1313 (55-day sma) followed by 1.1241 (20-day sma) and then 1.1205 (100-day sma).


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