29 Sep 2015
EUR/USD stays above 1.12 after US data
FXStreet (Mumbai) - The bear grip on the EUR/USD weakened somewhat, ensuring the pair recovered to trade above 1.12 handle after the data in the US showed the US goods trade deficit rose sharply in August.
Hovers above hourly 100-MA
The pair is hovering just above its hourly 100-MA located at 1.1201 levels after having recovered from the low of 1.1194. The US goods trade deficit unexpectedly spiked to USD 67.19 billion in August, compared to USD 59.10 billion seen in July.
However, the recovery is weak since the German CPI released earlier today dropped more than expected, thereby ramping up the expectation of more monetary easing from the ECB. The focus now shifts to the sentiment on the Wall Street and the US consumer confidence figure due later today.
EUR/USD Technical Levels
At 1.1206, the immediate resistance is located at 1.1230 (hourly 200-DMA), followed by a major hurdle at 1.13 levels. On the other hand, support is seen at 1.1182 (200-DMA) and 1.1145 (100-DMA).
Hovers above hourly 100-MA
The pair is hovering just above its hourly 100-MA located at 1.1201 levels after having recovered from the low of 1.1194. The US goods trade deficit unexpectedly spiked to USD 67.19 billion in August, compared to USD 59.10 billion seen in July.
However, the recovery is weak since the German CPI released earlier today dropped more than expected, thereby ramping up the expectation of more monetary easing from the ECB. The focus now shifts to the sentiment on the Wall Street and the US consumer confidence figure due later today.
EUR/USD Technical Levels
At 1.1206, the immediate resistance is located at 1.1230 (hourly 200-DMA), followed by a major hurdle at 1.13 levels. On the other hand, support is seen at 1.1182 (200-DMA) and 1.1145 (100-DMA).