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EUR/USD rejected at hourly 100-MA, hovers around 1.10

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/USD failed to sustain above hourly 100-MA at 1.1012 and quickly shed 30 odd pips before moving closer to 1.10 again.

    Supported by hourly 50-MA

    The pair found support at its hourly 50-MA located at 1.0980, although the broad based USD selling came to a halt, keeping the pair around 1.10 levels. The weaker-than-expected German retail sales figure released few minutes ago was overshadowed by a wave of USD selling.

    The attention now shifts to the preliminary Eurozone CPI figure, which will be followed by a monthly US personal spending and income report.

    EUR/USD Technical Levels

    The immediate resistance is located at 1.1012 (hourly 100-MA), above which the pair could target 1.1088 (50% of Mar-Aug rally). The next major resistance is seen at 1.1110 (200-DMA). On the other side, support is seen at 1.0980 (hourly 50-MA) and 1.0940 (61.8% of Mar-Aug rally).
    For more information, read our latest forex news.
     

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