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EUR/USD consolidates above 50-DMA, ECB minutes eyed

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - After having bottomed at 50-DMA support, the EUR/USD pair continues to push higher, although within familiar ranges around 1.1260 levels.

    EUR/USD recovery stalls at H1 R1 at 1.1262

    The EUR/USD pair trades 0.18% higher at 1.1257, hovering close to fresh session highs posted at 1.1262 in last hours. The major attempts a minor corrective rally after falling to just ahead of 1.12 barrier, as the persisting risk-off environment amid mixed Asian equities and caution ahead of key central bank’s events, favours the safe-haven status of the euro.

    However, the main currency pair remains well within its recent consolidative range between 1.1100-1.1300 levels as markets await fresh fundamental triggers for a break on either side.

    Meanwhile, the German trade balance due for release shortly may have limited impact on the major, as the broad market sentiment will continue to dominate ahead of ECB & FOMC minutes.

    EUR/USD Technical Levels

    On the upside, the major faces immediate resistance near 1.1285-1.1290 region (Sept 29, Oct 5, Oct 7 High) beyond which post-NFP highs at 1.1319, could act as a strong hurdle. A breach of the last could open doors for a test of 1.1400 (round number). While the immediate support is located at 1.1225 (10-DMA), below which 1.1200 (psychological levels) could act as a strong support. A failure to resist the last, the prices could drown to 1.1147 (100-DMA).
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