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EUR/USD looking to stabilize around 1.1440

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The common currency remains in the negative territory on Thursday, with EUR/USD navigating the bottom end of the range around 1.1430/40.

    EUR/USD reverts from tops at 1.1500

    The pair is attempting a consolidative pattern in the 1.1440 area so far, or the lower band of the daily range, against a backdrop of some sort of recovery in the US dollar.

    The pair has been rejected in the boundaries of the critical barrier at 1.1500 early this morning amidst a mix of stop-triggering and comments by ECB’s E.Nowotny, who argued that further measures might be needed to spark a pick up of consumer prices in the euro region – this perceived as dovish by markets.

    In the data space, US CPI figures, the Philly Fed Manufacturing Survey and Initial Claims are all due in the NA session, along with speeches by Fed’s Bullard, Dudley and Mester.

    EUR/USD relevant levels

    As of writing the pair is retreating 0.35% at 1.1432 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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