Wednesday, October 28, 2015

EUR/USD trims losses, aims to 1.1050

FXStreet (Edinburgh) - The single currency is now attempting to revert the negative start vs. the dollar, now lifting EUR/USD to the mid-1.1000s.

EUR/USD attention to the FOMC

The cautious tone around EUR has been prevailing since Monday, mainly after the ECB meeting last Thursday and in light of today’s FOMC gathering. Despite market consensus expects the Federal Reserve to remain on hold today, speculations on whether the Fed is still considering a rate hike at its December meeting has been building up consistently.

On the data front, November’s German Consumer Confidence Survey tracked by Gfk has come in at 9.4, matching estimates albeit a tad lower than October s 9.6. Apart from the FOMC meeting, Goods Trade Balance is also due across the pond.

EUR/USD levels to watch

As of writing the pair is losing 0.04% at 1.1044 with the next support at 1.1000 (psychological level) followed by 1.0915 (low Jul.7) and finally 1.0847 (low Aug.5). On the other hand, a break above 1.1080 (7-month uptrend) would target 1.1115 (200-day sma) en route to 1.1153 (61.8% Fibo of 1.0808-1.1713).
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