EUR/USD so much for the spike above 1.08

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 12, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - After an ephemeral adventure beyond the 1.0800 handle, EUR/USD has once again returned to the comfort area around 1.0760/50.

    EUR/USD firmer on Fedspeak

    The shared currency has picked up further pace after Chairwoman J.Yellen has given no clues on the timing of the probable rate hike by the Federal Reserve at her speech today.

    By the same token, Chicago Fed President C.Evans sees a positive outlook for growth and hiring, while he wants to see evidence that inflation is rising before hiking. He expects the CPI hitting the 2% target at some point in late 2018.

    Later in the NA session, Fed’s Dudley and Fischer are also expected to give a speech, along with the publication of the US Monthly Budget Statement.

    EUR/USD levels to watch

    As of writing the pair is advancing 0.19% at 1.0762 and a breakout of 1.0909 (downtrend from 1.1496) would target 1.0988 (76.4% Fibo of 1.1496-1.0706) en route to 1.1086 (200-day sma). On the other hand, the immediate support aligns at 1.0658 (low Apr.21) followed by 1.0600 (psychological level) and finally 1.0519 (low Apr.13).
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