EUR/USD sidelines below 1.14, EMU CPI eyed

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 (Edinburgh) - The shared currency is extending its overnight consolidative pattern into the European session, with EUR/USD navigating the upper-1.1300s so far.

    EUR/USD focus on EMU data

    After the recent rejection from the 1.1500 neighbourhood, spot seems to have found support in the mid-1.1300s so far while global markets are still struggling for direction and the greenback remains sidelined.

    Next of relevance will be the final inflation figures in the euro area during September (0.9% YoY exp.) seconded by the trade balance results. Across the pond, Industrial Production, Capacity Utilization and the Reuters/Michigan index will take centre stage.

    EUR/USD relevant levels

    As of writing the pair is advancing 0.07% at 1.1391 and a breakout of 1.1500 (psychological handle) would target 1.1714 (high post-PBoC move Aug.24) en route to 1.1847 (Fibo 38.2% of 1.3993-1.0456). On the flip side, the immediate support lines up at 1.1315 (Fibo 23.6% of 1.3993-1.04561) ahead of 1.1300 (psychological level) and finally 1.1262 (55-day sma).
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