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EUR/USD retreats, stocks advance

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The common currency weakened in Europe on account of moderate strength in the stocks, pushing the EUR/USD lower to 1.1370 levels.

    Struggling to keep weekly gains

    The spot is working hard to maintain the weekly gains amid the sharp sell-off in the EUR/GBP cross and recovery in the USD ahead of the weekend. At 1.1370, the spot is just 20 odd pips short of the weekly opening price of 1.1352. Meanwhile, Euro Stoxx 600 is up 0.60%.

    The immediate focus now is on the Eurozone final inflation figures, followed by trade balance number. Ahead in the day, the US industrial production and consumer confidence figures could influence the pair.

    EUR/USD Technical Levels

    The immediate resistance is seen at 1.14 (hourly 100-MA), followed by a resistance at 1.1422 (hourly 50-MA). A break above the same could push the pair back to 1.15 levels. On the lower side, hourly 200-MA at 1.1341 offers strong support, but a break below the same would expose 1.13 levels.
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