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EUR/USD: Bulls eye critical levels on 1.15 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - EUR/USD is currently trading at 1.1475 with a high of 1.1485 and a low of 1.1478.

    EUR/USD was better bid on US dollar weakness among bad data from the US economy that all points to lower growth and inflation vs the FOMC's requirements for lift-off.

    EUR/USD rallied on the retails sales and PPI misses and further demand for the euro ensued post the Beige Book's findings that were also painting a negative picture, notably that labour conditions tightened across all districts and wage growth was subdued except for skilled work.

    EUR/USD levels

    EUR/USD is struggling to offer a convincing test for the 1.15 handle, stopped short at 1.1489 in the US afternoon towards the close. A consolidation period is taking shape currently with the price heading towards overbought territory according to hourly RSI at 67.

    We have the golden cross at 1.1160 that should offer strong support on any pull-back below the 1.1200 handle on the wide while price targets 1.1560, the last daily high on the 25th August.
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