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EUR/USD: Bulls regain control, testing highs near 1.1380

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/USD pair remains lifted in the European morning and heads towards multi-week highs reached on Friday just shy of 1.14 handle, as mixed European stocks and weaker US dollar continues to boost the shared currency.

    EUR/USD hovers below H1 - R1

    The EUR/USD pair trades 0.17% higher at 1.1379, fighting hard extend beyond 1.1285-90 resistance zone. The major keeps hovering near session highs as markets remain wary amid mixed performance seen on the European indices and prefer the European currency amid thin-trades.

    The pan-European benchmark, the Euro Stoxx turned negative at 3,249 while the DAX pares gains and trades 0.55% at 10,153. While the UK’s FTSE drops -0.48% to 6,386.

    Meanwhile, the EUR/USD pair also remains supported as the greenback remains submerged into losses with traders still weighing the dovish Fed minutes. The USD index drops -0.17% to 94.77, at fresh multi-week lows.

    The main currency pair is likely to track the sentiment on the European indices amid a data-deficient macro trading session today. While low volumes as Japan and the US markets remain closed today, are likely to keep the pair buoyant.

    EUR/USD Technical Levels

    The pair holds above all its daily major moving averages while the RSI remains above the mid-lines, which backs the case for further upmoves. Hence, to the upside, the major faces immediate resistance at 1.1400 (round number), beyond which a test of 1.1442-60 (Sept 17 & 18 Highs) would become imminent. While the immediate support is located at 1.1366/67 (hourly 20-SMA & H1 S2), a breach of the last would expose 1.1300 (psychological levels).
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