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EUR/USD clinches 1.14, focus on ZEW

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The upbeat tone remains intact around the shared currency during the first half of the week, now lifting EUR/USD beyond the 1.1400 handle, or session peaks.

    EUR/USD firmer ahead of ZEW

    The pair is navigating multi-week highs and looking to challenge September’s tops around 1.1460 ahead of the ZEW Survey in both Germany and the euro area.

    Previously in the data space, consumer prices in Germany have matched the preliminary figures for the month of September, contracting 0.2% MoM and coming in flat over the last twelve months. The current upside in the pair will be put to the test later, as consensus sees the ZEW Survey coming in on the softer side.

    EUR/USD levels to watch

    As of writing the pair is advancing 0.40% at 1.1404 and a breakout of 1.1460 (monthly high Sep.18) would target 1.1537 (downtrend from mid-December) and then 1.1714 (high post-PBoC move Aug.24). On the flip side, the immediate support lines up at 1.1246 (55-d sma) followed by 1.1187 (2-month up trend) and then 1.1152 (100-day sma).
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