EUR/USD flatlined around 1.1030, IFO on sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The single currency has started the week on the right footing vs. the greenback, with EUR/USD sidelined around the 1.1030 area so far.

    EUR/USD focus on IFO

    The pair has managed to regain some strength an advance towards the current 1.1030/40 region during the Asian trading hours after briefly testing sub-1.1000 levels last Friday.

    Spot has broken below the key support at the 8-month uptrend on Friday, following the increased selling pressure after the ECB meeting. In the meantime, EUR is expected to remain under pressure as today’s German IFO is expected a tad lower than the previous readings.

    EUR/USD relevant levels

    As of writing the pair is up 0.12% at 1.1031 and a breakdown of 1.1000 (psychological level) would target 1.0915 (low Jul.7) and finally 1.0847 (low Aug.5). On the flip side, the next hurdle lines up at 1.1074 (8-month uptrend) followed by 1.1117 (200-day sma) and then 1.1153 (61.8% Fibo of 1.0808-1.1713).
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