EUR/USD firm, wobbles around 1.1000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The common currency keeps its firm tone vs. the greenback at the end of the week, with EUR/USD gyrating around the 1.10 handle.

    EUR/USD boosted by USD-selling, month-end flows

    The pair is extending its upside after bottoming out in the 1.0900 neighbourhood following the dovish tone from the FOMC meeting, propped up by a renewed selling interest around the greenback and favourable month-end flows.

    With EMU’s CPI already in the rear-view mirror, market participants have shifted their focus to the US docket, where Personal Income/Spending, PCE and the Reuters/Michigan index are all due.

    EUR/USD levels to watch

    As of writing the pair is advancing 0.29% at 1.1009 and a break above 1.1111 (200-day sma) would target 1.1125 (61.8% Fibo of 1.1496-1.0897) en route to 1.1190 (downtrend from 1.1496). 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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