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EUR/USD looking to stabilize above 1.14

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The common currency remains on a firmer footing vs. the greenback, with EUR/USD navigating above the 1.1400 handle so far.

    EUR/USD attention to US retail sales

    The pair has finally reached the 1.1400 handle although a more sustainable break still remains elusive, with the next and tough hurdle emerging around the 1.1440/60 band.

    In the data space, Industrial Production in the euro bloc has expanded 0.9% on a year to August, missing expectations for a 1.8% advance and adding to the poor results from yesterday’s ZEW Survey. US Retail Sales are due later, with prior surveys seeing a 0.2% monthly advance in September.

    EUR/USD relevant levels

    As of writing the pair is advancing 0.27% at 1.1411 and a breakout of 1.1460 (monthly high Sep.18) would target 1.1475 (downtrend from May 2014 tops) and then 1.1714 (high post-PBoC move Aug.24). On the flip side, the immediate support lines up at 1.1300 (psychological level) followed by 1.1253 (55-day sma) and then 1.1234 (61.8% Fibo of 1.3993-1.0462).
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