EUR/USD Advances to Highs Near 1.1390
The common currency has reverted the initial negative tone on Friday, now lifting EUR/USD to daily highs around 1.1390.
EUR/USD rebounds from 1.1350
After
a drop to the mid-1.1300s in early trade, the pair has managed to
regain traction and recover levels closer to the critical 1.1400 barrier
as risk-aversion seems to be attempting a come back.
In the data
space, German trade surplus has widened to nearly €20 billion during
February, surpassing estimates and with a good performance from both
imports and exports. Across the pond, the only event will be the speech
by New York Fed’s W.Dudley.
EUR/USD levels to watch
The
pair is now advancing 0.06% at 1.1385 facing the next hurdle at 1.1454
(2016 high Apr.7) ahead of 1.1496 (monthly high Oct.15 2015) and then
1.1713 (high Aug.24 2015). On the other hand, a break below 1.1325 (low
Apr.6) would target 1.1291 (23.6% Fibo of 1.0820-1.1437) en route to
1.1276 (20-day sma).
(Market News Provided by FXstreet)
