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21 Apr 2016
EUR/USD upside still capped by 1.14
The upside momentum in the single currency now seems to have run out of steam, with EUR/USD remaining unable to break above the key 1.14 mark for the time being.
EUR/USD supported at 1.1280
The pair is clinging to its gains so far, although the somewhat upbeat tone by President Draghi was insufficient to sustain the initial bull run, let alone a sustainable break above 1.1400 the figure.
At his press conference, Draghi made a candid defence of the central bank’s independence, mainly when questioned regarding the recent comments by German officials. While he stressed that the Council has not discussed ‘helicopter money’, he did not rule it out either.
Back to the US, the greenback is now shrugging off poor results from the Philly Fed index, re-gaining traction after dropping to session lows when tracked by the US Dollar Index.
EUR/USD levels to watch
The pair is now up 0.38% at 1.1339 and a break above 1.1454 (2016 high Apr.7) would target 1.1496 (monthly high Oct.15 2015) en route to 1.1713 (monthly high Aug.24 2015). On the flip side, the immediate support aligns at 1.1219 (38.2% Fibo of 1.0820-1.1455) followed by 1.1192 (55-day sma) and finally 1.1142 (low Mar.24).
EUR/USD supported at 1.1280
The pair is clinging to its gains so far, although the somewhat upbeat tone by President Draghi was insufficient to sustain the initial bull run, let alone a sustainable break above 1.1400 the figure.
At his press conference, Draghi made a candid defence of the central bank’s independence, mainly when questioned regarding the recent comments by German officials. While he stressed that the Council has not discussed ‘helicopter money’, he did not rule it out either.
Back to the US, the greenback is now shrugging off poor results from the Philly Fed index, re-gaining traction after dropping to session lows when tracked by the US Dollar Index.
EUR/USD levels to watch
The pair is now up 0.38% at 1.1339 and a break above 1.1454 (2016 high Apr.7) would target 1.1496 (monthly high Oct.15 2015) en route to 1.1713 (monthly high Aug.24 2015). On the flip side, the immediate support aligns at 1.1219 (38.2% Fibo of 1.0820-1.1455) followed by 1.1192 (55-day sma) and finally 1.1142 (low Mar.24).