EUR/USD treading water near 1.1050

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The shared currency is trading almost unchanged vs. the dollar on Wednesday, with EUR/USD wobbling around 1.1055/50 so far.

    EUR/USD focus on FOMC

    Spot keeps the trade in a tight range around the 1.1050 area so far, all ahead the FOMC meeting due later in the European evening. The dollar will remain under pressure nonetheless, against the backdrop of increasing speculations surrounding a rate hike by the Federal Reserve in December.

    The pair has found decent support in the 1.1030 area overnight, although bulls have so far failed to overcome the 1.1060 barrier for the time being, all despite ECB officials now talking down the likeliness of further easing by the ECB at its December meeting.

    EUR/USD levels to watch

    As of writing the pair is gaining 0.05% at 1.1055 and a break above 1.1080 (7-month uptrend) would target 1.1115 (200-day sma) en route to 1.1153 (61.8% Fibo of 1.0808-1.1713). On the other hand, the initial support lines up at 1.1000 (psychological level) followed by 1.0915 (low Jul.7) and finally 1.0847 (low Aug.5).
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