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EUR/USD attempts a bounce to 1.1030

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The shared currency is now looking to break above the overnight sideline pattern, pushing EUR/USD to test session tops in the 1.1030 area.

    EUR/USD focus on risk, US data

    Spot keeps the narrow range in the low-1.1000s as the lack of direction and scarce volatility keep dominating the markets during the first half of the week. A cautious tone seems to prevail amongst traders in light of the upcoming critical releases in the US labour market later in the week 9ADP report, Initial Claims and Non-farm Payrolls).

    Next on tap today, US Factory Orders and ECB’s Draghi’s speech are due later. Consensus expects orders to have contracted 0.9% from August to September.

    EUR/USD levels to watch

    As of writing the pair is advancing 0.07% at 1.1025 and a break above 1.1102 (7-month uptrend prev. support now resistance) would target 1.1125 (61.8% Fibo of 1.1496-1.0897) en route to 1.1150 (100-day sma). On the other hand, the initial support lines up at 1.0897 (low post-FOMC Oct.28) followed by 1.0847 (low Aug.5) and finally 1.0808 (low Jul.20).
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