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EUR/USD keeps pushing higher, near 1.1070

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The buying interest around the euro is not giving up today, now lifting EUR/USD to fresh highs in the 1.1055/60 band.

    EUR/USD advances further on poor US data

    The pair keeps its buoyant tone backed by month-end flows and the persistent weakness around the US dollar.

    Poor results from the US docket have done nothing to curb the bearish tone around USD today, as Personal Income/Spending and the Consumer Sentiment gauged by the Reuters/Michigan index all came in below expectations.

    Spot has managed to advance further beyond the psychological 1.10 handle, although additional gains could be capped by the possibility of the ECB to inject more stimulus at its December meeting, as per recent comments by President Draghi.

    EUR/USD levels to watch

    As of writing the pair is advancing 0.82% at 1.1067 and a break above 1.1111 (200-day sma) would target 1.1125 (61.8% Fibo of 1.1496-1.0897) en route to 1.1190 (downtrend from 1.1496). On the other hand, the initial support lines up at 1.0897 (low post-FOMC Oct.28) followed by 1.0847 (low Aug.5) and finally 1.0808 (low Jul.20).
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