8 Apr 2015
EUR/USD back above 1.0800
FXStreet (Edinburgh) - After hitting session lows in the 1.0780 area, EUR/USD is now gathering traction and clinching the 1.0820/25 band.
EUR/USD weaker pre-FOMC
The pair faded the spike to the area of session highs around 1.0880, dropping about a big-figure ahead of the FOMC minutes due later. Comments by Fed’s W.Dudley have been perceived as USD-supportive, adding to the renewed buying interest around the greenback.
Amongst his salient points, he did not rule out a rate hike in June if data manage to pick up, adding that a rates lift-off this year remains ‘reasonable’. He also noted that the recovery in both Europe and Japan could boost confidence in the US. Regarding the inflation, Dudley admitted that the impact of a strong dollar and declining oil prices should be considered as temporary.
EUR/USD key levels
The pair is now losing 0.03% at 1.0812 and a breakdown of 1.0784 (low Apr.8) would target 1.0750 (low Apr.2) en route to 1.0700 (psychological level). On the flip side, the initial hurdle lines up at 1.0909 (100-h MA) ahead of 1.0955 (high Apr.7) and finally 1.1036 (high Apr.6).
EUR/USD weaker pre-FOMC
The pair faded the spike to the area of session highs around 1.0880, dropping about a big-figure ahead of the FOMC minutes due later. Comments by Fed’s W.Dudley have been perceived as USD-supportive, adding to the renewed buying interest around the greenback.
Amongst his salient points, he did not rule out a rate hike in June if data manage to pick up, adding that a rates lift-off this year remains ‘reasonable’. He also noted that the recovery in both Europe and Japan could boost confidence in the US. Regarding the inflation, Dudley admitted that the impact of a strong dollar and declining oil prices should be considered as temporary.
EUR/USD key levels
The pair is now losing 0.03% at 1.0812 and a breakdown of 1.0784 (low Apr.8) would target 1.0750 (low Apr.2) en route to 1.0700 (psychological level). On the flip side, the initial hurdle lines up at 1.0909 (100-h MA) ahead of 1.0955 (high Apr.7) and finally 1.1036 (high Apr.6).