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EUR/USD: back above 1.11

FXStreet (Mumbai) - The EUR/USD pair ran into bids as it neared its 100-DMA at 1.1048, thereby taking it above 1.11 levels as the investors ditch US dollars in anticipation of the dovish Fed minutes.

EUR/USD: back above 38.2% fib level

The pair now trades above 1.1103, which is the 38.2% fib retracement of 1.0519-1.1465. The USD appears to have come under pressure across the board after the spike in the early European session as investors feel the recent string of weaker-than-expected US economic reports would force the policy makers to focus more on weak economy and indicate willingness to delay the interest rate hike.

Ahead of the Fed minutes, the EUR traders would also keep an eye on the German-US benchmark 10-year bond yield spread.

EUR/USD Technical Levels

The pair currently trades at 1.1110, with the immediate resistance is located at 1.1178, above which the recovery could be extended to 1.1243. On the flip side, a break below 1.1050 (Mar. 26 high), under which pair could drop to 1.10 levels.

European Monetary Union Construction Output w.d.a (YoY) rose from previous -3.7% to -2.7% in March

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DAX slips on profit-taking, Fed minutes eyed

Germany’s benchmark index, the DAX eased-off three week highs and turned in red, despite rallying Asian equities, mainly driven by profit-taking after the recent upsurge. While traders keep an eye on the meeting minutes from the US Fed.
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