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EUR/USD finds support in the 1.1040 area

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The common currency keeps alternating gains with losses on Tuesday, with EUR/USD currently hovering over the 1.1065/60 band.

    EUR/USD flat ahead of US releases

    After bottoming out in the 1.1040/35 band in earlier trade, spot has managed to gather traction and revert that initial weakness, although gains north of the 1.1070/80 region still remains elusive.

    Data wise in Euroland, Private Loans have expanded 1.1% on a year to September, while the annual expansion of M3 Money Supply has ticked higher to 4.9%. Across the pond, Durable Goods Orders and Consumer Confidence will take centre stage later.

    EUR/USD levels to watch

    As of writing the pair is up 0.03% at 1.1062 with the next hurdle at 1.1078 (8-month uptrend) followed by 1.1116 (200-day sma) and then 1.1153 (61.8% Fibo of 1.0808-1.1713). On the other hand, a breach of 1.1000 (psychological level) would target 1.0915 (low Jul.7) and finally 1.0847 (low Aug.5).
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