Wednesday, September 9, 2015

EUR/USD around 1.12 on cross driven strength

FXStreet (Mumbai) - The EUR/USD received a boost from the spike in the EUR/GBP pair following a horrible UK trade deficit data and weak industrial production figures.

Hourly 200-MA put to test

The spot is once again flirting with the hourly 200-MA currently located at 1.1201 levels. The Euro has struggled to sustain above the same, at least six times in the last 24 hours or so. It remains to be seen if the spot finally manages to extend gains over and above its hourly 200-MA.

The latest uptick came on the back of a 40-pip spike in the EUR/GBP to near 0.73 levels. Meanwhile, the European stocks have consolidated slightly below the daily highs. Any sign of weakness in the European or US equities may add to the EUR’s strength.

EUR/USD Technical Levels

The spot currently trades around 1.12 levels. A break above 1.1201 (hourly 200-MA) could see the spot target 1.1230 (previous day’s high). On the flip side, support is seen at 1.1175 (hourly 50-MA) and 1.1147 (daily low).
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