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20 May 2015
EUR/USD challenging 1.1100
FXStreet (Edinburgh) -The common currency remains on the back footing vs. the greenback, with EUR/USD returning to the 1.1100 neighbourhood.
EUR/USD upside capped at 1.1120
The pair’s bullish attempt lacked of follow through around 1.1120 on Wednesday, coming up from multi-week lows in the critical 1.1060 area posted in early trade. Spot remains entrenched in the red territory so far, depressed by a continuation of the USD bid tone, lower yields in the European debt markets, with special attention to the German Bunds, and the recent appreciations by ECB officials.
Next of relevance in the pair will be the FOMC minutes. Market participants will closely follow the statement looking for clues regarding the timing of the Fed’s lift-off and the Committee’s view on the weakness seen during Q1.
EUR/USD relevant levels
As of writing the pair is down 0.28% at 1.1118 with the next support at 1.1062 (low May 20) ahead of 1.0994 (50% of 1.0521-1.1468) and then 1.0960 (low Apr.29). On the flip side, a break above 1.1151 (3821-d MA) would expose 1.1166 (100-d MA) and then 1.1237 (38.2% of 1.1468-1.1095).
EUR/USD upside capped at 1.1120
The pair’s bullish attempt lacked of follow through around 1.1120 on Wednesday, coming up from multi-week lows in the critical 1.1060 area posted in early trade. Spot remains entrenched in the red territory so far, depressed by a continuation of the USD bid tone, lower yields in the European debt markets, with special attention to the German Bunds, and the recent appreciations by ECB officials.
Next of relevance in the pair will be the FOMC minutes. Market participants will closely follow the statement looking for clues regarding the timing of the Fed’s lift-off and the Committee’s view on the weakness seen during Q1.
EUR/USD relevant levels
As of writing the pair is down 0.28% at 1.1118 with the next support at 1.1062 (low May 20) ahead of 1.0994 (50% of 1.0521-1.1468) and then 1.0960 (low Apr.29). On the flip side, a break above 1.1151 (3821-d MA) would expose 1.1166 (100-d MA) and then 1.1237 (38.2% of 1.1468-1.1095).