The recovery in the EUR/USD pair from near 1.0975 region gained further traction last hour, driving the rate through 1.1000 – key psychological barrier.
EUR/USD awaits US data, Fed speaks
Currently, EUR/USD jumped back on the bids and now trades +0.16% higher at 1.0998, flirting with session tops reached at 1.1004 some minutes ago. The selling interest behind the US dollar gathered steam across the board as markets continue to talk down Dec Fed rate hike bets in light of recent sluggish US fundamentals, lending support to the ongoing recovery in the spot from 1.0970 levels.
Moreover, mixed market sentiment amid higher oil prices and negative European equities also lift the demand for euro as a funding currency, as the EUR traders digest the unimpressive Chinese economic releases.
Attention now turns towards the US housing starts and building permits data due later in the NA session ahead of Fed’s beige book and a string of speeches from the Fed officials.
EUR/USD Technical Levels
In terms of technicals, the pair finds the immediate resistance 1.1029 (Oct 18 high). A break beyond the last, doors will open for a test of 1.1050 (psychological levels) and from there to 1.1072 (Oct 12 high). On the flip side, the immediate support is placed at 1.0964 (Oct 17 low) below which 1.0950 (multi-month lows) and 1.0900 (round figure) could be tested.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.