After testing fresh highs near 1.1350, EUR/USD has surrendered part of those gains and is now hovering over the 1.1300 neighbourhood.
EUR/USD propped up by USD-selling
Spot has gained around three big-figures since yesterday’s lows near the 200-day sma in the mid-1.1000s after market participants have perceived the FOMC statement as more dovish than initially expected, triggering a violent sell off in the greenback.
Next on tap in the US calendar will be Initial Claims, the Philly Fed survey and JOLTs Jobs Opening.
EUR/USD levels to watch
The pair is now up 0.74% at 1.1308 and a breakout of 1.1343 (high Mar.17) would target 1.1378 (2016 high Feb.11) and then 1.1460 (monthly high Sep.18 2015). On the other hand, the next support aligns at 1.1123 (38.2% Fibo of 1.0709-1.1378) ahead of 1.1043 (200-day sma) and finally 1.1036 (20-day sma).
(Market News Provided by FXstreet)