EUR/USD keeps pushing higher, 1.07 on sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The buying interest around the common currency is now gathering further traction, lifting EUR/USD to daily tops in the upper-1.06s.

    EUR/USD stronger ahead of FOMC minutes

    Spot has managed to quickly climb more than 50 pips to the boundaries of 1.0700 the figure following a bout of renewed offered tone around the greenback, as market participants seem to be cashing up part of the recent strong gains.

    However, the current daily upside will be put to the test later, as the FOMC meeting is due in the European evening, where consensus expects a favourable tone regarding the potential lift-off in December.

    EUR/USD levels to watch

    As of writing the pair is advancing 0.29% at 1.0678 and a break above 1.0808 (downtrend from 1.1496) would target 1.0829 (high Nov.12) en route to 1.1076 (200-day sma). On the other hand, the next support aligns at 1.0600 (psychological level) ahead of 1.0519 (low Apr.13) and finally 1.0456 (2015 low Mar.16).
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