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EUR/USD climbs to 1.1440 on US data

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The buying pressure is now gathering further traction around the euro, sending EUR/USD to fresh multi-week tops near 1.1440.

    EUR/USD firmer on US releases

    The results from the US economy keep disappointing investors, this time Retail Sales have expanded 0.1% on a monthly basis during September vs. 0.2% initially estimated; sales excluding the Autos sector have contracted more than forecasted 0.3% MoM.

    Further data showed Producer Prices dropping 0.5% inter-month while Prices ex-Food and Energy also contracted 0.3%, both readings missing the median. Next of relevance (if any at all) will be the Fed’s Beige Book, due later in the NA session.

    EUR/USD relevant levels

    As of writing the pair is advancing 0.54% at 1.1441 and a breakout of 1.1460 (monthly high Sep.18) would target 1.1475 (downtrend from May 2014 tops) and then 1.1714 (high post-PBoC move Aug.24). On the flip side, the immediate support lines up at 1.1300 (psychological level) followed by 1.1253 (55-day sma) and then 1.1234 (61.8% Fibo of 1.3993-1.0462).
    For more information, read our latest forex news.

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