EUR/USD clings to gains around 1.1350

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The common currency clings to the positive territory on Wednesday, now taking EUR/USD to the 1.1350/55 band.

    EUR/USD cautious ahead of ECB

    Spot has quickly faded the spike to daily peaks in the 1.1380 area posted during the European morning, although sellers have failed to push it below the 1.1330 level so far.

    Absent releases in the US calendar today, all the attention now turns to tomorrow’s ECB gathering, where Mario Draghi could surprise markets with a dovish tone according to the broad consensus, and the current QE programme would surely be at the top of the agenda in the Q&A session.

    EUR/USD relevant levels

    As of writing the pair is advancing 0.05% at 1.1352 facing the initial up barrier at 1.1457 (downtrend from May’14 top) followed by 1.1500 (psychological handle) and then 1.1714 (high post-PBoC move Aug.24). On the flip side, a breakdown of 1.1315 (23.6% Fibo of 1.3992-1.0463) would target 1.1249 (55-day ma) en route to 1.1179 (10-day ma).
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