EUR/USD stuck in a 20-pip range

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/USD has been restricted in a narrow range of 1.1360-1.1380 in the last couple of hours as the trading interest remains low on account of a holiday in the US.

    Awaits China data

    The investors now await the Chinese trade balance data for September due for release tomorrow. A sharp drop in the exports and imports could heighten concerns regarding the slowdown in the global economy as well the world’s second largest economy.

    The data could significantly affect the overall risk sentiment in the markets and affect the EUR/USD pair. The Chinese data would be followed by a final German CPI reading. As for today, the pair is likely to continue trading lacklustre.

    EUR/USD Technical Levels

    The immediate resistance is seen at 1.14, above which the spot could target 1.1460 (Sep 18 high). If taken out on a closing basis, the pair could test 1.1621 (Aug 25 high). On the lower side, a break below 1.1353 (daily low) could push the pair back to 1.13 levels.
    For more information, read our latest forex news.

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