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EUR/USD above 1.13, European equity futures trade mixed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/USD advanced in early Europe to clock a session high of 1.1313 levels amid mixed action in the major European equity futures.

    Early strength followed by a drop?

    Almost throughout the week, the EUR has witnessed strength in the early European session, followed by a drop as the day progressed. Moreover, the EUR has been tracking equities, which begin the day on a softer note and then go on to extend gains later, thereby pushing the EUR lower.

    It remains to be seen in the pattern is followed today. Meanwhile, dovish FOMC minutes and the resulting weakness in the USD is also adding to the upside momentum seen in the EUR.

    EUR/USD Technical Levels

    At 1.1310, the immediate resistance is seen at 1.1327 (previous day’s high), above which the spot could target 1.1373 (Sept 14 high). A break above the same would open doors for a re-test of 1.1460 (September high). On the other side, a break below 1.13 could push the pair back to 1.1234 (50-DMA), under which the losses could be extended to 1.1197 (50-DMA).
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