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EUR/USD turns positive near 1.0880

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 5, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The single currency is alternating gains with losses on Thursday, with EUR/USD wobbling around the 1.0870/80 band so far.

    EUR/USD supported by EUR/GBP

    The dovish tone from the BoE’s Quarterly Inflation Report and minutes following a steady stance in the central bank’s monetary policy at today’s meeting is lending further support to the pair’s upside via EUR/GBP bids, returning to the positive ground and trading closer to daily peaks.

    After bottoming out in the vicinity of 1.0830 in early trade, spot has managed to reclaim part of the ground recently lost and clinch session highs near 1.09 the figure, although the bullish attempt lacked of follow through.

    EUR/USD levels to watch

    As of writing the pair is up 0.17% at 1.0879 and a break above 1.0970 (76.4% Fibo of 1.0808-1.1713) would open the door to 1.1059 (downtrend from 1.1496) and then 1.1101 (200-day sma). On the other hand, the next support lines up at 1.0808 (low Jul.20) ahead of 1.0519 (low Apr.13) and finally 1.0456 (2015 low Mar.16).
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