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EUR/USD immune to US trade data, all eyes on Fed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD remained barely unchanged following the release of better-than-expected US trade data as investors await the Federal Reserve policy decision later on the day.

    US trade deficit shrunk to $58.63 billion in September from $67.19 billion the previous month and below the $64.90 billion expected. However, dollar failed to benefit from data, with EUR/USD still trading near daily highs around 1.1070, up 0.19% on the day.

    The Federal Reserve will announce its monetary policy decision at 18GMT. Although most analysts still expect a rate hike in December, Fed wording will be closely scrutinized.

    EUR/USD technical levels

    In terms of technical levels, next resistances are seen at 1.1114 (200-day SMA), 1.1166 (100-day SMA) and 1.1210 (Oct 7 low). On the flip side, supports could be found at 1.1000/1.0996 (psychological level/Oct 23 low) followed by 1.0960 (Aug 11 low) and 1.0925 (Aug 10 low).
    For more information, read our latest forex news.
     

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