EUR/USD clings to gains near 1.1370

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The buying interest is not giving up on the single currency on Monday, with EUR/USD clinging to its daily gains vs. the dollar around the 1.1370 area.

    EUR/USD supported around 1.1360

    The upside momentum in the pair seems to have run out of legs in the 1.1400 neighbourhood in early trade, prompting sellers to step in and briefly drag spot to the 1.1360/55 region, or session lows.

    Thin trade and low volatility remain in centre stage today in response to the inactivity in the US markets, with USD paying little attention to the speech by Fed’s D.Lockhart, who still advocates for a rate hike later in the year.

    Next on tap in Euroland will be the German ZEW Survey and September’s CPI figures, all due tomorrow.

    EUR/USD levels to watch

    As of writing the pair is advancing 0.13% at 1.1373 and a breakout of 1.1460 (monthly high Sep.18) would target 1.1541 (downtrend from mid-December) and then 1.1714 (high post-PBoC move Aug.24). On the flip side, the immediate support lines up at 1.1239 (55-d sma) followed by 1.1175 (2-month up trend) and then 1.1107 (monthly low Sep.23).
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