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EUR/USD picking-up pace, another attempt to 1.1050?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - A fresh bid wave catches the EUR in the mid-European trades, now pushing EUR/USD back towards daily highs reached near 1.1060 region.

    EUR/USD reverts to 1.1040 levels

    The EUR/USD pair trades 0.20% higher at 1.1040, attempting another bounce beyond 1.1050 levels. The EUR/USD pair found fresh bids near hourly 20-SMA at 1.1024 and swings higher from session lows on the back of a renewed bout of selling interest seen in the European stocks. The DAX pares gains and trades 0.11% higher while the pan-European benchmark, the Euro Stoxx 50 accelerates losses to 3,413, down -0.42% on the day.

    Moreover, markets turn cautious ahead of the US open with the US indices futures pointing towards a negative open for the US equities. S&P 500 futures are down -0.11% whilst the Dow futures trade -0.07% lower.

    Looking ahead, markets moved past the poor German Ifo results and now focus on the upcoming US new home sales data for fresh insights on the US dollar, which eventually impacts EUR/USD.

    EUR/USD Technical Levels

    The pair holds firmly above 1.10 barrier with the next the immediate resistance at 1.1079 (200-DMA, beyond which 1.1100/04 (round number + 5-DMA) would be tested and from there to 1.1155 (100-DMA). While the immediate support in sight is located at 1.1002/1.1000 (Today’s Low + psychological levels), below which 1.0984/59 (daily S3 + Aug 11 Low) could be tested, a breach of the last would expose 1.0850 (August lows) levels.
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