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EUR/USD upside fades near 1.1050

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The buying interest around the common currency remains well and sound on Monday, now lifting EUR/USD to the vicinity of 1.1050.

    EUR/USD stronger on poor US data

    The pair has seen its daily upside renewed after US New Home Sales have disappointed expectations during September, dropping to 468K vs. August’s 529k and 550K forecasted. Adding further selling bias to the dollar, the manufacturing gauge tracked by the Dallas Fed has also missed expectations, coming in at -12.7 vs. -6.0 expected.

    Spot keeps the buoyant tone at the beginning of the week, although a break above session highs near 1.1060 still remains elusive for EUR-bulls.

    EUR/USD levels to watch

    As of writing the pair is up 0.20% at 1.1040 facing the next resistance at 1.1074 (8-month uptrend) followed by 1.1117 (200-day sma) and then 1.1153 (61.8% Fibo of 1.0808-1.1713). On the flip side, a breakdown of 1.1000 (psychological level) would target 1.0915 (low Jul.7) and finally 1.0847 (low Aug.5).
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