EUR/USD nears 1.14, at three week high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/USD pair chewed through offers around 1.1373 to trade within a touching distance from the 1.14 handle.

    Third consecutive session of gains

    The common currency is up for the third consecutive session after having taken out key falling trend line resistance levels on the daily chart on Friday. The broad based USD weakness on account of falling Fed rate hike bets and moderate weakness in the European equities today helped the single currency gain strength.

    The ECB’s Coeure was on the wires stating that it is too early to decide on more QE. His comments have yet to have an impact on the pair. Ahead in the day, speech from Fed officials could influence the pair. Trading volumes could take a hit on account of a trading holiday in the US.

    EUR/USD Technical Levels

    The immediate support is seen at 1.1353 (weekly 50-MA), under which the losses could be extended to 1.1315 (trend line support – May high to June high). A break below the same could expose 1.1248 (falling trend line support – Aug high to Sep high). On the higher side, immediate resistance is seen at 1.14, followed by Sep high of 1.1460.
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