EUR/USD off-lows, regains hourly 200-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The EUR/USD pair recovers from session and swings back into the positive zone in the European morning, as the European stocks stalled the rally with the focus now turning to the Fed officials’ speeches due later today.

    EUR/USD supported at daily S2

    The EUR/USD pair rises 0.09% to 1.1357, retreating from fresh session lows reached at 1.1340 after the European open. The major manages to recover from lost ground somewhat, although the recovery remains short-lived amid rising European equities. The pan European benchmark, the Euro Stoxx 50 jumps 0.69% to 3,286 while the DAX advances 0.81% to 10,185.

    The EUR/USD pair remains supported amid broad based US dollar weakness as markets continue to weigh uncertainty over the timing Fed rate hike amid mixed US economic data.

    In the day ahead, markets await Fed speaks from FOMC member Lael Brainard and Jeffrey Lacker, which may throw fresh light on the Fed interest rates outlook while the EUR calendar remains data-empty.

    EUR/USD Technical Levels

    The pair struggles below the h1 50-SMA at 1.1377 which acts as the immediate resistance, beyond which 1.1398/1.1400 (h1 100-SMA & round number) would be retested and from there to 1.1413 (Oct 13 High). While the immediate support is located at 1.1340/33 (today’s low & Oct 16 low), a breach of the last would expose 1.1300 (psychological levels), below which floors open for a test of 1.1277 (50-DMA).
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