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EUR/USD climbs further to 1.1025, ZEW in focus

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bid tone surrounding the EUR/USD pair keeps growing bigger in the late-Asian trades, as the greenback erased its overnight corrective gains and keeps pushing lower against its major competitors.

    EUR/USD holding firm above 1.10 barrier

    Currently, the EUR/USD pair trades 0.26% higher at 1.1022, hovering close to fresh session highs reached to 1.1025 last minutes. The shared currency picked-up significant strength over the last hours and extended further beyond 1.10 handle, surpassing all major MAs on hourly charts and now looks to test Monday’s high scored at 1.1049.

    The EUR/USD pair prolongs its bullish run post-ECB troughs, with markets viewing the recent stretch of gains as the extension of the short-squeeze triggered by less aggressive easing stance by the ECB at its Dec 3 meeting. While markets continue to book profits on their USD longs heading into the Fed meeting, which begins later today, and tomorrow’s much awaited Fed rate hike announcement.

    Meanwhile, the major will eye the German ZEW economic sentiment and the US CPI data due later today ahead of Wednesday’s FOMC Statement.

    EUR/USD Technical Levels

    The pair trades marginally higher, with the immediate resistance seen at 1.1046/49 (Daily R1/ Dec 14 High). A break beyond the last, doors will open for a test of 1.1067 (100-DMA). On the flip side, the immediate support is placed at 1.0985 (5-DMA/ Daily low), below which 1.0945 (10-DMA) could be tested.

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