Monday, September 14, 2015

EUR/USD rises to fresh session highs near 1.1350, EZ data eyed

FXStreet (Mumbai) - The shared currency gathered some momentum and edged higher versus its US counterpart in the early European morning, lifting EUR/USD to fresh session highs beyond 1.13 handle, as markets remain boosted ahead of Europe open while the focus now shifts towards the Euro zone industrial production data for fresh incentives.

EZ data in focus

The EUR/USD pair trades 0.08% higher at 1.1347, hovering close to fresh session highs reached at 1.1353 some minutes ago. A renewed bid wave appears to have hit the EUR/USD pair at the moment, with the EUR traders now awaiting the European opening bells for fresh direction.

In addition, the upcoming Euro zone industrial production will also garner some attention amid an otherwise data-light EUR macro calendar, which may also trigger fresh EUR moves.

Industrial production in the euro zone is seen as advancing 0.2% month-on-month in July, following a 0.4% decline reported in June, while growing 0.5% when measured annually, compared to a 1.2% gain recorded in June.

Moreover, the persisting risk-aversion across the Fx space on the back of China troubles and the uncertainty over the Fed’s outlook on the interest rates, also keeps the safe-haven bids for EUR/USD intact.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.1360 (Today’s High), above which gains could be extended to 1.1394 (Aug 21 High) levels. On the flip side, support is seen at 1.1326 (Today’s Low) below which it could extend losses to 1.1289 (Aug 26 Low) levels.
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