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EUR/USD: bias is higher with 1.1000 support - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the EUR/USD pair advanced up to 1.1048 during the American afternoon, as once again, the dollar got under selling pressure following Wall Street's opening.

    Key Quotes:

    "The common currency fluctuated within minor gains and losses ever since the day started, mostly led by stocks' movements, as little macroeconomic data hit the wires. Early in the morning, the EU industrial production was up by 0.6% in October, compared to a month before, and increased by 1.09% yearly basis. There was no news coming from the US, but treasury yields are higher, partially recovering their latest losses and ahead of the FED economic policy decision this Wednesday.

    While not solid, the EUR/USD pair continues to be biased higher, as the pair remains near the fresh 1-month high above mentioned. Short term, the 1 hour chart presents a positive tone, as the technical indicators stand above their mid-lines, albeit lacking directional strength.

    In the 4 hours chart, the pair managed to advance beyond a bullish 20 SMA, while the technical indicators have lost their upward strength in positive territory. More relevant, the pair is now above the 50% retracement of the October high/December low decline at 1.1000, an immediate short term support for the upcoming hours."
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