EUR/USD prints highs near 1.1320

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The greenback keeps losing ground today, pushing EUR/USD to fresh daily peaks in the vicinity of 1.1320.

    EUR/USD stronger ahead of ECB

    The bid tone around the European funding currency keeps growing bigger today, prompting spot to challenge 2-week tops in the boundaries of 1.1320. The pair has quickly shrugged off poor results from the German trade balance, gathering further traction against the backdrop of a softer tone in European equities so far.

    Next of relevance for EUR will be the ECB Accounts, where the ongoing QE programme will take centre stage amidst rumours of a potential increase in the monthly purchases of bonds or an extension beyond September 2016.

    EUR/USD levels to watch

    As of writing the pair is advancing 0.58% at 1.1303 and a breakout of 1.1330 (high Sep.21) would target 1.1460 (monthly high Sep.18) and then 1.1714 (high post-PBoC move Aug.24). On the flip side, the immediate support lines up at 1.1216 (55-d sma) followed by 1.1163 (2-month up trend) and then 1.1107 (monthly low Sep.23).
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