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EUR/USD struggles to gain traction, near 1.1110

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The common currency has rapidly faded the spike to session tops around 1.1140 vs. the dollar, with EUR/USD now returning to the 1.1115/10 band.

    EUR/USD keeps the trade above 1.1100

    Mixed results from flash PMIs in Euroland for the current month have failed to ignite a more durable rebound in the pair, which remains subdued near the critical support at 1.1100, albeit still in the positive territory.

    In the meantime, today’s better tone in German Bunds yields continue to give some support to EUR, although the a sustainable pick up still remains elusive.

    EUR/USD relevant levels

    As of writing the pair is up 0.01% at 1.1110 and a breakdown of 1.1063 (6-month uptrend) would expose 1.1021 (23.6% Fibo of 1.0808-1.1713) and finally 1.1000 (psychological level). On the flip side, the next hurdle lines up at 1.1153 (61.8% Fibo of 1.0808-1.1713) followed by 1.1177 (100-day sma) and then 1.1200 (psychological handle).
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