EUR/USD shoots to 1.1370, session tops

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 21, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The single currency has regained the area of session highs vs. the dollar following the opening bell in Europe, with EUR/USD now hovering over the 1.1365/70 band.

    EUR/USD in a tight range, eyes on ECB

    The pair keeps trading in a narrow range today, looking to stabilize after the recent rejection from yesterday’s tops in the boundaries of 1.1390, while on the broader scenario it remains in the upper bound of the 1.08-1.15 range that has been prevailing in recent months.

    Empty docket in the euro area and the US today should leave the price action pretty sidelined, with caution growing bigger amongst traders ahead of the key ECB gathering due tomorrow.

    EUR/USD relevant levels

    As of writing the pair is advancing 0.19% at 1.1367 facing the initial up barrier at 1.1457 (downtrend from May’14 top) followed by 1.1500 (psychological handle) and then 1.1714 (high post-PBoC move Aug.24). On the flip side, a breakdown of 1.1315 (23.6% Fibo of 1.3992-1.0463) would target 1.1249 (55-day ma) en route to 1.1179 (10-day ma).
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