Monday, October 19, 2015

EUR/USD: 1.1500 failures cap upside potential- FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that the American dollar recovered some ground last Friday, ending the week pretty much unchanged against its European rival, around 1.1350.

Key Quotes:

"In Europe, macroeconomic readings showed that the EU inflation during September posted a slight increase compared to August one, matching expectations at 0.2% monthly basis."

"Euro area annual inflation was -0.1% in September 2015, down from 0.1% in August. US data, on the other hand, was generally positive, as the number of job openings decreased to 5.4 million in August, a little weaker than expectations, but still at high levels."

"Consumer sentiment climbed more than forecast in October, with the University of Michigan’s preliminary consumer sentiment index up to 92.1, the first advance in four months.

"From a technical point of view, the EUR/USD pair maintains a positive tone daily basis, although failure at 1.1500 earlier in the week suggests a limited upward potential ahead. Nevertheless, the price holds well above its moving averages, with the 20 DMA acting as a critical support around 1.1280 for the upcoming days, whilst the technical indicators hold well above their mid-lines, albeit lacking upward momentum at the time being. "
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