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EUR/USD: In search of fresh incentives, wavers around 1.1350

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/USD pair is seen hovering in a 10-pips tight range in last hours, failing once again near hourly 100-SMA located near 1.1365 region.

    EUR/USD capped below hourly 100-SMA

    The EUR/USD pair trades 0.08% higher at 1.1354, clinging to the daily pivot at 1.1351. The major trades in a flat-lining near the mid-point of 1.13 handle as trading remains light amid lack of economic news from the Euro zone as well as the US.

    However, the upside appears capped in the EUR/USD pair as the greenback turns positive against its major competitors and trades firmer against higher yielding currencies.

    Later today, the major will track the sentiment on the Wall Street while Fed official Powell speech will be eyed for any clue on the timing of a Fed rate rise. However, the main focus remains on the ECB meeting due tomorrow.

    EUR/USD Technical Levels

    The pair failed once again near the h1 200-SMA located near 1.1374 which acts as the immediate resistance, beyond which 1.1400 (round number) would be tested and from there to 1.1413/16 (Oct 13 High + daily R3). While the immediate support is located at 1.1300 (psychological levels), a breach of the last would expose 1276 (50-DMA), below which floors open for a test of 1.1250 (daily S3).
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