Wednesday, October 14, 2015

EUR/USD: Battling with the bears around 1.14

FXStreet (Mumbai) - The EUR/USD pair is having a hard time rising above 1.14 levels in early Europe amid mixed action in the major European equity futures.

Resistance at 1.14, a tough nut to crack

This is the third consecutive day, when the pair is battling with the bears around 1.14 levels. A minor spike to 1.1411 levels on Tuesday was quickly erased to ensure the spot stayed below 1.14 levels till the NY close. The weak German data and slightly resilient US equities kept the EUR under pressure.

As of today, the major European equities are pointing to a moderately weak opening. The Eurozone industrial production figures due later today could show the activity cooled in August. Later in the day, the US advance retails ales could decide the overall sentiment in the markets.

EUR/USD Technical Levels

The immediate resistance is seen at 1.1411 (Tuesday’s high), above which the gains could be extended to 1.1460 (Sep 18 high). On the lower side, a failure to take out 1.14 could push the pair back to 1.1376 (hourly 50-MA), under which the pair could target 1.1348 (hourly 100-MA).
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