EUR/USD testing trendline resistance, at session high

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/USD pair ran into a falling trend line (from Aug 24 high -Sep 18 high) resistance at 1.1265 as major European stock markets suffered moderate losses in early session.

    Focus on stocks and ECB accounts

    At the time of writing, the German DAX was down 0.10%, while France’s CAC was largely unchanged. The London’s FTSE was down 0.10%. The moderate losses in the stocks pushed up the common currency by few pips to 1.1267 levels; its daily high so far.

    Apart from the sentiment in the stock markets, the ECB accounts/minutes could affect the pair, if the policymakers put stress on the need to do more (QE).

    EUR/USD Technical Levels

    At 1.1267, the pair is trading just above the falling trendline resistance at 1.1265, above which the spot could target 1.13 handle, followed by a rise to 1.1373 (Sep 14 high). On the other side, failure to sustain above 1.1265 could push the spot back to 1.12-1.1190 (50-DMA), under which major support is seen at 1.1149 (200-DMA).
    For more information, read our latest forex news.

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