EUR/USD fades the up move beyond 1.1600
|- The pair recorded multi-day peaks beyond the 1.1600 handle.
- A bout of selling pressure dragged DXY to as low as the 94.80 region.
- US Industrial Production expanded 0.3% MoM in September.
EUR/USD managed to advance and clinch fresh multi-day tops beyond 1.1600 the figure on Tuesday, although it has quickly faded the move afterwards.
EUR/USD up move halted near 1.1620
A sudden bout of selling pressure around the greenback forced the US Dollar Index to break below recent lows and therefore lifted the pair to fresh 2-week tops in the 1.1620/25 band, coincident with the 21-day SMA.
In the meantime, there are no fresh headlines around Italy and the EU’s response after the country submitted the 2019 draft budget earlier today.
Events-wise, the single currency managed to leave behind earlier poor results from the German/EMU ZEW survey, as investors continue to look for Italian politics/Brexit for direction.
Across the pond, US Industrial Production expanded more than expected 0.3% MoM in September and Manufacturing Production rose 0.2% inter-month. Still in the US docket, JOLTs Job Openings surpassed estimates rising by 7.136M during August and the NAHB index ticked higher to 68 this month.
EUR/USD levels to watch
At the moment, the pair is up 0.10% at 1.1592 facing the next barrier at 1.1621 (high Oct.12) seconded by 1.1629 (100-day SMA) and then 1.1735 (high Aug.28). On the flip side, a break below 1.1535 (10-day SMA) would aim for 1.1432 (low Oct.9) and finally 1.1323 (200-week SMA).
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