EUR/USD keeps highs near 1.1380

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The single currency is posting moderate gains vs. the dollar at the beginning of the week, lifting EUR/USD to the upper bound of the range near 1.1380.

    EUR/USD gains limited by 1.1500 so far

    The slightly better-than-expected Chinese GDP figures for the third quarter (6.9%) failed to ignite a sustainable rally in the riskier assets on Monday, allowing spot to bounce off the mid-1.1300s to the current 1.1370/80 band pre-European open.

    Today’s docket in Euroland will be empty, with only the monthly report by the Bundesbank grabbing some attention. Across the pond instead, the Housing Market index tracked by NAHB and the speech by Fed’s Lacker will be in the limelight.

    EUR/USD relevant levels

    As of writing the pair is advancing 0.23% at 1.1374 and a breakout of 1.1466 (downtrend from May’14 top) would aim for 1.1500 (psychological handle) and then 1.1714 (high post-PBoC move Aug.24). On the flip side, the immediate support lines up at 1.1315 (Fibo 23.6% of 1.3993-1.0456) ahead of 1.1235 (2-month uptrend) and finally 1.1178 (100-day sma).
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