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EUR/USD turns negative near 1.1050

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The single currency has returned to the negative territory following the opening bell in London on Tuesday, taking EUR/USD to the 1.1055/50 band so far.

    EUR/USD looks to EMU data, FOMC

    Spot has managed to bounce off the recent support in the 1.10 area, although the upside remains limited by the likeliness of further easing by the ECB, either via modifying the ongoing QE programme or lowering rates.

    Data wise in Euroland, Private Loans and M3 Money supply figures are due later, followed by US Durable Goods Orders and Consumer Confidence.

    EUR/USD levels to watch

    As of writing the pair is losing 0.04% at 1.1052 a breakdown of 1.1000 (psychological level) would target 1.0915 (low Jul.7) and finally 1.0847 (low Aug.5). On the flip side, the next resistance aligns at 1.1078 (8-month uptrend) followed by 1.1116 (200-day sma) and then 1.1153 (61.8% Fibo of 1.0808-1.1713).
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