Speculative interest is now looking at the 1.2000 threshold

EUR / USD Current price: 1.1865

• The FOMC Minutes went unnoticed as the Fed reaffirmed its wait-and-see stance.
• Better-than-expected data from Europe supported the single currency.
• EUR / USD maintains gains around 1.1900 and may continue to rise towards the 1.2000 area.…

EUR / USD peaked at 1.1914 on Wednesday, the highest level since March 23rd. The single currency was supported by encouraging data from the EU, while the dollar, on the other hand, was hit by the continued decline in government bond yields and gloomy local data. … US President Joe Biden has addressed the nation defending his infrastructure investment plan without giving fresh headlines.

Markit released its final EU Service PMIs for March, and most of them have been revised upward. The German index was confirmed at 51.5, while for the entire Union it was printed at 49.6, better than the previously estimated 48.8. The United States published its February trade balance of goods, the deficit of which amounted to $ 71.1 billion, which is worse than the expected $ 70.5 billion. The FOMC released the minutes of its last meeting, but there were no surprises. The document shows that officials see “some time” before significant progress in meeting employment and inflation targets.

Germany is to release factory orders for February this Thursday with a seasonally adjusted 1.2% mom growth forecast. The EU is to publish the February producer price index, and the US is to publish the number of applications for unemployment benefits for the week ended April 2, at 680 thousand people.

Short-term technical forecast of EUR / USD

EUR / USD is stable around 1.1870 as the dollar rallies ahead of the day’s close. The risk is still biased upward, despite the lack of momentum in the short term. The 4-hour chart shows that the pair continues to move above its 20 and 100 SMA, with the shorter looking to cross the longer one. Technical indicators remain in the overbought range, barely turning south. Explicit expansion beyond 1.1910 should foresee an approach to the 1.2000 price zone.

Support levels: 1.1840 1.1795 1.1750

Resistance levels: 1.1910 1.1950 1.1995

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