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EUR/USD shoots higher to 1.1420

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 14, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The buying interest around the single currency remains well and sound on Wednesday, now pushing EUR/USD to highs near 1.1420.

    EUR/USD attention to US calendar

    The pair’s daily upside is gathering further traction following the opening bell in Euroland, with the main indices in the Old Continent starting the day on the negative footing.

    In the meantime, spot is advancing for the second session in a row and clinching fresh multi-week tops around 1.1420 backed by a persistent offered tone around the dollar. Ahead in the session, EMU’s Industrial Production is due followed by key Retail Sales in the US economy. Prior surveys see US sales to have expanded 0.2% from August to September.

    EUR/USD relevant levels

    As of writing the pair is advancing 0.35% at 1.1419 and a breakout of 1.1460 (monthly high Sep.18) would target 1.1475 (downtrend from May 2014 tops) and then 1.1714 (high post-PBoC move Aug.24). On the flip side, the immediate support lines up at 1.1300 (psychological level) followed by 1.1253 (55-day sma) and then 1.1234 (61.8% Fibo of 1.3993-1.0462).
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