EUR/USD: wrap up for US session, 1.0760 target - FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet noted that the EUR/USD pair remain stable around the 1.0650 region for most of this Tuesday, immune to the macroeconomic data released in both economies earlier today.

    Key Quotes:

    "Starting with Germany, the final Q3 GDP reading came in line with expectations, as the economy grew 0.3% in the three months to September. Better news came from the IFO survey, as the leading indicator showed confidence among local business increased to 109.0 in November, from 108.2 in October, offsetting last month’s drop.

    US data came out mixed, with an improving trade deficit in October, and an upward revision of the Q3 GDP, up to 2.1% from a first estimate of 1.5%, but worse-than-expected November consumer confidence, down to 90.4 from a previous 99.1.

    The technical picture is still neutral-to-bearish according to the 4 hours chart, as the price remains unable to advance beyond a mild bearish 20 SMA, whilst the technical indicators have recovered from near oversold levels, but remain below their mid-lines. In the 1 hour chart, the price advances above a bullish 20 SMA, but has met sellers around its 100 SMA, while the technical indicators aim higher above their mid-lines. Some follow through beyond 1.0690 could see the pair advancing up to 1.0760, where the dominant bearish trend is expected to resume."
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