The demand for the European currency can largely be explained by uncertainty over future in the US. At the press conference on 29 March, the Fed Chair Janet Yellen noted the Regulator plans to increase interest rates gradually due to risks to global economic stability. As a result, the US Dollar came under pressure. One of the key macroeconomic indicators has recently been released in the US. Nonfarm Payrolls for March came in at 215K, down from the previous 242K, while analysts expected a fall to 205K.
Support and resistance
shows the pair is overbought and suggests a correction is possible.
The nearest is at 1.1364.
The nearest is at 1.1492.
Long positions can be opened from the level of 1.1364 with the target at 1.1500 and stop-loss at 1.1330.