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EUR/USD: mixed end of week on data and month-end - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the American dollar closed mixed this Thursday, having however, held near its recent highs against most of its rivals.

    Key Quotes:

    "The macroeconomic front was pretty busy, but majors saw limited reactions to the news. Starting with Europe, the region released its confidence figures for October, with main reading resulting at -7.7, matching September number."

    "In Germany, unemployment fell in October, by seasonally adjusted 5K to 2.788 million, while inflation in the same month, rose 0.3% compared to a year before. In the US, the advanced GDP reading for the Q3, came out at 1.5% slightly below the 1.6% expected. Weekly unemployment claims, in the week ending October 23rd, resulted at 260K better than the 263K expected. Worse news came from the housing sector, as Pending Home sales in September declined 2.3%."

    "The EUR/USD pair posted a daily high of 1.0985 after in the American afternoon and following soft data, ending the day with some gains around 1.0965. The short term picture however, is far from supporting additional gains, as in the 1 hour chart, the technical indicators have turned flat after recovering above their mid-lines, whilst the price remains well below a bearish 100 SMA."

    "In the 4 hours chart, the technical indicators are heading slightly lower well into negative territory, while the 20 SMA maintains its bearish tone, offering an immediate resistance around 1.1015. Being the last day of the month, investors may take some profits out of the table this Friday although sellers will likely add at higher levels."
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