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25 Apr 2016
EUR/USD keeps range near 1.1250, German Ifo eyed
The shared currency rebounds versus its American counterpart in a quiet Asian session, with EUR/USD consolidating near daily tops as focus now shifts towards the German data due later today.
EUR/USD finds bids near daily S1 at 1.1222
Currently, EUR/USD trades 0.19% higher at 1.1244, having posted fresh session highs of 1.1247 in the last hour. The main currency pair found fresh bids near daily S1 and rebounded higher in the holiday-thinned Asian session, having ended three back-to back sessions of steep losses, induced by the ECB policy decision.
Moreover, the bulls turn cautious at the start of FOMC week, with the Fed seen increasingly mixed over the rate hike prospects, which appears to weigh on the US dollar at the moment. The US dollar index, which measures the relative strength of the greenback against a basket of six major currencies, edges -0.20% lower to trade around 94.95 levels.
In absence of fundamental drivers in the Asian session this Monday, attention now turns towards the German Ifo surveys due post-European open and the US new homes sales data due to be reported in the NY session.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance at 1.1276/79 (1h 50-SMA/ 10-DMA). A break beyond the last, doors will open for a test of 1.1300 (round number). On the flip side, the immediate support is placed at 1.1222/18 (daily S1 & low) below which at 1.1189 (50-DMA) could be tested.
EUR/USD finds bids near daily S1 at 1.1222
Currently, EUR/USD trades 0.19% higher at 1.1244, having posted fresh session highs of 1.1247 in the last hour. The main currency pair found fresh bids near daily S1 and rebounded higher in the holiday-thinned Asian session, having ended three back-to back sessions of steep losses, induced by the ECB policy decision.
Moreover, the bulls turn cautious at the start of FOMC week, with the Fed seen increasingly mixed over the rate hike prospects, which appears to weigh on the US dollar at the moment. The US dollar index, which measures the relative strength of the greenback against a basket of six major currencies, edges -0.20% lower to trade around 94.95 levels.
In absence of fundamental drivers in the Asian session this Monday, attention now turns towards the German Ifo surveys due post-European open and the US new homes sales data due to be reported in the NY session.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance at 1.1276/79 (1h 50-SMA/ 10-DMA). A break beyond the last, doors will open for a test of 1.1300 (round number). On the flip side, the immediate support is placed at 1.1222/18 (daily S1 & low) below which at 1.1189 (50-DMA) could be tested.