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EUR/USD returns to 1.1060, FOMC eyed

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The common currency is now losing the grip vs. the dollar, sending EUR/USD back to the 1.1060/55 band.

    EUR/USD trims gains ahead of FOMC

    After a brief adventure to session tops around 1.1090, the upside momentum in spot has run out of steam, prompting sellers to step in and fade the rally. The sudden upside in EUR has been propped up by ECB officials talking down the possibility of further easing measures to be implemented by the ECB and likely to be announced at the December meeting.

    Ahead in the session, the FOMC meeting will take centre stage amidst mounting speculations that the Federal Reserve could delay its rate hike, favouring a lift-off in January or March.

    EUR/USD levels to watch

    As of writing the pair is gaining 0.10% at 1.1061 and a break above 1.1115 (200-day sma) would target 1.1153 (61.8% Fibo of 1.0808-1.1713) en route to 1.1167 (100-day sma). On the other hand, the initial support lines up at 1.1000 (psychological level) followed by 1.0915 (low Jul.7) and finally 1.0847 (low Aug.5).
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