EUR/USD finds support around 1.1000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The common currency is clinging to its daily gains vs. the dollar, now taking EUR/USD to the 1.1025/30 band.

    EUR/USD focus on US data

    The pair has managed to revert the previous drop to the boundaries of the psychological support at 1.1000, following a bout of buying interest around the greenback.

    Data wise in the euro bloc, market participants have remained indifferent to the mixed results from the manufacturing PMIs in Euroland, while the ISM Manufacturing and Markit’s PMI will take centre stage across the pond.

    EUR/USD levels to watch

    As of writing the pair is advancing 0.10% at 1.1018 and a break above 1.1099 (7-month uptrend prev support now resistance) would target 1.1153 (61.8% Fibo of 1.1496-1.0897) en route to 1.1235 (55-day sma). On the other hand, the initial support lines up at 1.0897 (low post-FOMC Oct.28) followed by 1.0847 (low Aug.5) and finally 1.0808 (low Jul.20).
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