EUR/USD comes back to test 1.1260

By FXStreet After a failed attempt to regain 1.1290 or even 1.1300, EUR/USD is back to the red territory around 1.1260/65.

EUR/USD eyes on IFO, PMIs

Spot has been alternating gains with losses at the beginning of the week, coming down from last week’s fresh tops beyond the 1.1300 handle and against a backdrop of firm demand for the US dollar.

Ahead in the week, advanced manufacturing PMIs in Euroland are due tomorrow followed by the German IFO indicator. Across the pond, Fedspeak wil take centre stage as well as the API’s weekly report on crude stockpiles.

EUR/USD levels to watch

The pair is now down 0.08% at 1.1262 facing the next support at 1.1220 (23.6% Fibo of 1.0709-1.1378) ahead of 1.1073 (20-day sma) and finally 1.1043 (200-day sma). On the other hand, a break above 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) and then 1.1496 (monthly high Oct.15 2015).
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Source:: FX Street