EUR/USD unable to set short-term direction

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/USD has been confined to a narrow range over the last hours, unable to set short-term direction as despite broad USD weakness, the euro is having a hard time trying to find buyers.

    EUR/USD has oscillated back and forth between 1.1210 and 1.1280 during most of the American session and it is on track to close the day around 1.1250, 0.18% below its opening price.

    Tomorrow will be a more busy day for FX market, with the BoE policy meeting while the FOMC will release last meeting’s minutes followed by a couple of Fed speakers.

    EUR/USD technical levels

    As for technical levels, on the upside, next resistances are seen at the 1.1280/90 area (Oct 6 & 4 highs), 1.1318 (Oct 2 high) and 1.1375 (50-week SMA). On the downside, supports could be found at 1.1210 (Oct 6 low), 1.1153 (200-day SMA) and 1.1140 (100-day SMA).
    For more information, read our latest forex news.

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