EUR/USD: gains surrendered, nears 1.10 handle

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 (Mumbai) - The EUR/USD pair ticked lower throughout European session and now trades unchanged on the day around 1.1005 levels.

    Back below key Fib level

    The pair failed to sustain above 1.1016 (76.4% expansion of Aug high-Sep low-Oct high). The spot witnessed a technical correction on account of broad based USD weakness in Asia, but quickly ran out of steam.

    The focus is now on the US new home sales figure due for release later today. At the moment, the US index futures are trading flat. The pair could witness more sell-off in case the US equities extend Friday’s rally.

    EUR/USD Technical Levels

    The immediate support is seen at 1.10, under which the spot could test 1.0954 (June 29 low) and 1.0916 (July 7 low). On the other side, resistance is seen at 1.1016 (76.4% exp of Aug high-Sep low-Oct high), above which the pair could test the offers at 1.1056 (daily high) and 1.1118 (200-DMA).
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