EUR/USD consolidates the bid below fresh highs of 1.1279

Ross J Burland FXStreet

EUR/USD is consolidated having made fresh highs of 1.1279 and the highest levels since 15th Sep.

The price is above the rising and supportive 4hr ma's having broken 1.1220 and the 200 sma on the same time frame. We have had little to run with at the start of what looks to be a busy one for the US calendar and only Draghi repeating the same tune when speaking at EU parliament and not delivering a catalyst either way.

The U.S. week ahead is a busy one - Nomura

Lockhart was advocating a Fed hike in December and the US data was restricted to New Home Sales for August that dropped less than expected (-7.6%) to 0.609m units vs. 0.600m expected but down from the month prior 0.659m.

EUR/USD levels

Current price is 1.1260, with resistance ahead at 1.1267 (Daily Classic R2), 1.1280 (Daily High), 1.1282 (Weekly Classic R1), 1.1294 (Daily Classic R3) and 1.1337 (Weekly Classic R2). Next support to the downside can be found at 1.1258 (Monthly High), 1.1247 (Daily Classic R1), 1.1246 (Hourly 20 EMA), 1.1241 (Yesterday's High) and 1.1228 (Daily Open). "We look to weakness back toward the 200 day MA around 1.1150," suggested analysts at Scotiabank.

Author

Ross J Burland

FXStreet

Ross J Burland, born in England, UK, is a sportsman at heart. He played Rugby and Judo for his county, Kent and the South East of England Rugby team.

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