Thursday, October 29, 2015

EUR/USD sidelined near 1.0930, EMU data eyed

FXStreet (Edinburgh) - The single currency remains under the sedative effects post-FOMC meeting, taking EUR/USD to a flatline pattern near the 1.0930 area.

EUR/USD attention to EMU data

After briefly testing the 1.0900 support following the hawkish tone by the Committee on Wednesday, the pair has managed to regain some ground and advance to the 1.0930/35 band, or daily highs.

The strong rebound of the greenback has triggered a wave of selling interest in the pair during the NA session on Wednesday, after the FOMC has left the door still open for a Fed’s lift-off in December, keeping at the same time its ‘data-dependent’ stance unchanged.

Later in the session, October’s Spanish and German inflation figures are due along with EMU’s Economic Sentiment and Business Climate.

EUR/USD levels to watch

As of writing the pair is advancing 0.14% at 1.0939 and a break above 1.1021 (76.4% Fibo of 1.0808-1.1713) would target 1.1113 (200-day sma) en route to 1.1162 (100-day sma). On the other hand, the initial support lines up at 1.0894 (low post-FOMC Oct.28) followed by 1.0847 (low Aug.5) and finally 1.0808 (low Jul.20).
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