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EUR/USD completes round trip, eyes FOMC minutes

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD completed a round trip to above 1.1300 and it is back to square one as it failed to sustain intraday gains following the release of ECB accounts, which showed the banks willingness to implement more monetary stimulus if needed.

    EUR/USD retreated from a peak of 1.1314 and slid all the way back to 1.1237 before steading as investors focus shifts to FOMC minutes to be release during the American afternoon. At time of writing, the pair is trading at 1.1252, still 0.14% above its opening price.

    FOMC minutes could shed more light on whether the Fed is ready to raise rates, although the meeting was before the September NFP report, which showed economy added fewer jobs than expected.

    EUR/USD levels to watch

    As for technical levels, EUR/USD could find next supports at 1.1220 (Oct 7 low), 1.1190 (50-day SMA) and 1.1149 (200-day SMA). On the flip side, short-term resistances line up at 1.1318 (post-NFP Oct 2 high), 1.1372 (Sep 14 high) and not much until 1.1460 (Sep 18 high).
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