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EUR/USd bulls: last call for 1.1400

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - EUR/USD is currently trading at 1.1383 with high of 1.1411 and a low of 1.1343.

    EUR/USD has been quite choppy, with risk off markets post the Chinese data overnight and disappointments in the trade balance while investors got out of equity positions and the euro rallied. London markets came on the scene and EUR/GBP dragged on the major as sterling rallied on SABMiller's announcements in respect of ABinBev and the revised share offer of GBP44.00p per share offer.

    The test of 1.1400 was thus short lived yet again and we find the major supported at the 55 and 20 SMA cluster on the hourly chart as bulls reload for a potential triple attempt to penetrate 1.1411 and this week's high. We have a handful of data the will emerge from the US with retails sale, industrial production, CPI's and the beige book. EZ CPi's are also due at the end of the week.

    EUR/USD neutral/bullish near term ( above pivot 1.1370, positive MA's and hourly/daily momentum support)

    EUR/USD price action is choppy with failure at 1.1400/11. For the mean time, the pair is in a bullish position, but continued failures will result in supply with the first key support at 1hr 55 SMA (1.1369), then 1.1323 ahead of 1.1280/94 that all guard the 20 DMA at 1.1252 ahead of the golden cross between the 50/200 DMA's at circa 1.1170.
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