EUR/USD consolidates above 1.1350

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 (Córdoba) - The euro is trading marginally higher against the US dollar and is about to pot the highest daily close since September 17. The forex market remains calm ahead of Wall Street closing bell on a low volume session.

    EUR/USD holding above 1.1350

    Tue pair moved all day in a small range and held above 1.1350. To the upside, it peaked during the European session at 1.1396 (fresh 3-week high), but near the 1.14 handle lost strength and pulled back. Price is moving around 1.1370 where the hourly 20-SMA stands.

    Eyes on September highs

    After rallying sharply during Thursday and Friday, the euro is consolidating those gains and holding a bullish tone. Today EUR/USD weakened before 1.1400 but the short term momentum still favors the euro. Above 1.1400, traders attention would turn to 1.1460, where September highs are located.

    The area around 1.1450/60 is an important resistance that also limited the upside during May and June. During August the pair momentarily traded above but failed to consolidate and pulled back sharply.
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