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EUR/USD: attempting another run towards 1.1300?

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 bid tone on the EUR strengthens heading to the early European dealings, with the EUR/USD recovery gaining momentum around 1.1280 region.

    EUR/USD capped below 1.13

    The EUR/USD pair trades 0.05% higher at 1.1283, fighting hard to regain 1.13 handle. The major faded the Fed-minutes inspired spike to 1.1325 and bottomed near the hourly 50-SMA, from where it extended its recovery back towards 1.13 barrier and beyond.

    Moreover, renewed buying interest around the EUR/USD might be witnessed on European open as the European traders hit their trading desks and absorb the latest Fed minutes.

    Calendar-wise, there is nothing relevant in terms of economic news lined up for release from the Euro zone in the upcoming session and thus the pair will take cues from the broader market sentiment.

    EUR/USD Technical Levels

    On the upside, the major faces immediate resistance NFP & Fed minutes highs at 1.1319/25 beyond which 1.1400 (round number), could act as a strong hurdle. A breach of the last could open doors for a test of 1.1442-60 (Sept 17 & 18 Highs). While the immediate support is located at 1.1263/ 1.1269 (hourly 50-SMA & Today’s Low), below which 1.1227 (hourly 200-SMA) could act as a strong support. A failure to resist the last, the prices could drown to 1.12 (psychological levels).
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