EUR/USD: Bulls conquer 1.10 handle, what next?

Dhwani Mehta FXStreet

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.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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