EUR/USD Attempts a Tepid Bounce to 1.1300
The single currency is trimming earlier losses vs. the dollar, now pushing EUR/USD back to the area of 1.1290/1.1300 ahead of US data.
EUR/USD still in red on USD-buying
The buying interest around the greenback now seems to be taking a breather, allowing the current rebound in spot after falling as low as 1.1260 earlier in the session.
EUR-selling has been a recurrent theme today against a mild backdrop favouring the risk-on trade and some profit taking in light of the recent strong gains. However, today’s pullback is far from snap another positive weekly close in the pair, the third in a row.
In the data space, the US flash Reuters/Michigan index is next on tap, followed by speeches by FOMC’s Rosengren and Bullard.
EUR/USD levels to watch
The pair is now losing 0.22% at 1.1293 facing the next support at 1.1220 (23.6% Fibo of 1.0709-1.1378) ahead of 1.1043 (200-day sma) and finally 1.1012 (55-day sma). On the other hand, a breakout of 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) and then 1.1496 (monthly high Oct.15 2015).
(Market News Provided by FXstreet)
