EUR/USD upside still favoured longer-term – FXStreet

By FXStreet Valeria Bednark, chief analyst at FXStreet explained that the EUR/USD pair held within its latest range in a lackluster start to the week, due to the absence of European and American macroeconomic data, which left traders clueless all through the day.

Key Quotes:

“During the Asian session, risk aversion led the way, favoring the most the JPY, as Chinese March inflation fell by 0.4%, while recording a softer-than-expected 2.3% compared to a year before. The Producer Price index, however, offered an upward surprise, as it fell less than expected, printing -4.3% year-on-year against previous 4.9%. But sentiment turned positive during the European morning, as local share markets opened with a strong footing to finally close in the green.

The common currency advanced up to 1.1447 against its American rival, but the pair was again rejected by selling interest around the 1.1460 region, a strong static resistance area. The short term picture is neutral, as the pair has been stuck between 1.1330 and 1.1460 for over a week now, but the longer term perspective still favors the upside.”
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Source:: FX Street