Wednesday, September 16, 2015

EUR/USD: Bulls attempting 1.13 handle

FXStreet (Mumbai) - The shared currency extends its overnight recovery mode versus the US dollar in the mid-Asian trades, with EUR/USD fighting hard to regain 1.13 barrier.

EUR/USD rises from 1.1270

The EUR/USD pair trades 0.21% higher at fresh session highs of 1.1296, extending sharply from 1.1270 levels. The main currency pair rebounds in Asia, extending its corrective rally towards 1.13 handle as the greenback took a breather in its upsurge after a sudden bout of strength seen on Tuesday backed by solid gains on the Wall Street.

The EUR/USD pair now trades firmer and appears to reclaim 1.13 handle, despite improving appetite riskier assets, as traders booked profits on the USD longs after the recent rally.

Looking ahead, the pair is likely to get influenced by Euro zone final CPI figures ahead of the US inflation numbers.

Markets may remain cautious as the Fed meeting commences later today, with final verdict on the rates due to be announced tomorrow.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1328 (Sept 15 High), above which gains could be extended to 1.1375 (Sept 14 High) levels. On the flip side, support is seen at 1.263 (Today’s Low) below which it could extend losses to 1.1204 (Sept 1 Low) levels.
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