EUR/USD recovers to near 1.13 ahead of Fed speak

Dollar selling has resumed in early US session, helping the EUR/USD pair recover losses to trade just short of 1.13 ahead of US data release and Fed speak.

Hovers around 23.6% Fibo

The spot currently trades around 1.1293 (23.6% of May 2014 high-Mar 2015 low). Profit taking on USD shorts pushed the pair to near 1.1257 (61.8% of 1.1714-1.0517), before recovery was set in motion. The pair is now attempting to move back above 1.13 levels, with traders eyeing comments from Fed’s William Dudley and Rosengren.

Traders may also take cues from US Michigan consumer sentiment figure.

EUR/USD Technical Levels

A break above immediate hurdle at 1.1293 (23.6% of May 2014 high-Mar 2015 low), could see the pair revisit 1.1342 (previous day’s high) and 1.1376 (Feb 11 high). On the other hand, a breakdown of confluence of support at 1.1257 (61.8% of 1.1714-1.0517) and 1.1253 (100% Fibo of 1.0517-1.1060-1.0711) would open doors for a slide to 1.12 handle.

Mar 18, 2016

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