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EUR/USD attempts a rebound to 1.1350

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The demand for the European currency remains subdued on Friday, dragging EUR/USD to the 1.1350/40 band.

    EUR/USD weaker, US data eyed

    The pair is posting losses for the second straight session so far, trading in weekly lows after climbing as high as the boundaries of the1.1500 handle on Thursday.

    Better-than-expected US CPI figures during September have given some relief to the greenback as of late, which has managed to partially revert the recent negative trend.

    Data wise in the NA session, US Industrial Production, Capacity Utilization and the Reuters/Michigan index will be in the limelight.

    EUR/USD relevant levels

    As of writing the pair is retreating 0.27% at 1.1354 and a breach of 1.1315 (Fibo 23.6% of 1.3993-1.0456) would open the door to 1.1300 (psychological level) and finally 1.1217 (55-day sma). On the other hand, the next up barrier aligns at 1.1496 (high Oct.15) followed by 1.1714 (high post-PBoC move Aug.24) and then 1.1847 (Fibo 38.2% of 1.3993-1.0456).
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