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EUR/USD keeps lows near 1.1370

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The common currency remains entrenched in the negative territory today, with EUR/USD meandering the 1.1380/70 band so far.

    EUR/USD weaker as USD reverts direction

    The greenback has managed to revert the initial negative performance seen during the Asian trading hours, backed by the re-emergence of the selling interest around EUR and stop-triggering during the European morning.

    The upside in USD was later boosted by higher than expected US CPI figures during September, with core prices rising at an annual pace of 1.9%. On the not so bright side, the regional manufacturing gauge tracked by the Philly Fed Survey missed consensus at -4.5, albeit it came in a tad better than August’s -6.

    Collaborating with the upbeat tone around the dollar, US Treasuries are trading in session highs as of writing, while chances of the Fed hiking in March 2016 remain unchanged so far.

    EUR/USD relevant levels

    As of writing the pair is retreating 0.87% at 1.1373 with the immediate support at at 1.1315 (Fibo 23.6% of 1.3993-1.04561) ahead of 1.1300 (psychological level) and finally 1.1212 (55-day sma). On the other hand, a break above 1.1500 (psychological handle) would target 1.1714 (high post-PBoC move Aug.24) en route to 1.1847 (Fibo 38.2% of 1.3993-1.0456).
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