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EUR/USD now consolidates around 1.1240

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The shared currency is now looking to consolidate the daily drop from session tops near 1.1280 vs. the dollar, with EUR/USD hovering over the 1.1240 area.

    EUR/USD supported near 1.1220

    The pair’s daily decline seems to have found decent support in the vicinity of 1.1220 during the European morning, all against a renewed wave of buying interest in the greenback.

    Nothing worth mentioning from the data space in the euro region, where German Industrial Production figures have disappointed investors, contracting 1.2% from July to August.

    EUR/USD levels to watch

    As of writing the pair is retreating 0.30% at 1.1238 with the next support at 1.1209 (55-d sma) followed by 1.1151 (2-month up trend) and then 1.1107 (monthly low Sep.23). On the upside, a breakout of 1.1300 (psychological level) would target 1.1460 (monthly high Sep.18) and then 1.1714 (high post-PBoC move Aug.24).
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