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EUR/USD fades the spike to 1.1380

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - After a failed attempt to clinch the vicinity of 1.1400 the figure, EUR/USD has once again returned to the 1.1370/65 band.

    EUR/USD closing another positive week

    Despite the recent correction lower from the 1.1500 neighbourhood, the pair remains on track to close its third consecutive week with gains, rebounding from weekly lows around 1.1130 recorded in late September.

    The auspicious results from the US docket have collaborated with the re-emergence of the bid tone around the greenback in the second half of the week, although it remains insufficient to curb the sentiment surrounding EUR/USD.

    Ahead in the week, the rhetoric around the potential timing of the Fed’s lift-off and the (likely dovish) tone from the ECB at its meeting will be the main drivers of the pair’s price action in the near to medium terms.

    EUR/USD relevant levels

    As of writing the pair is retreating 0.11% at 1.1370 and a breach of 1.1315 (Fibo 23.6% of 1.3993-1.0456) would open the door to 1.1300 (psychological level) and finally 1.1217 (55-day sma). On the other hand, the next up barrier aligns at 1.1496 (high Oct.15) followed by 1.1714 (high post-PBoC move Aug.24) and then 1.1847 (Fibo 38.2% of 1.3993-1.0456).
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