Forex: EUR/USD makes new high after US data
Forex pairs in this Article »
EUR/USD
FXstreet.com (Córdoba) - The euro made a marginal new high versus the greenback after a report showed US producer prices grew less than expected in September, leaving the Federal Reserve room to continue its QE program.
EURUSD took a step higher and printed a fresh 3-day high of 1.2991 before finding resistance at the 50% retracement of the longer-term 1.3172/1.2803 drop. At time of writing, EURUSD is trading at the 1.2985 area, recording a 0.4% gain on the day.
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that a break above 1.2990 will open doors for a quick spike towards the 1.3030 area, where the pair has a daily descendant trend line coming from 1.3172 September high. "If price manages to overtake the trend line, would be expecting further buying interest with a probable target then at 1.3070 this week high", the analyst said.
"Short term support comes at 1.2950, followed then by 1.2910. Dips towards these levels will likely be seen as buying opportunities rather than signals of a bearish come back", Bednarik added.
EURUSD took a step higher and printed a fresh 3-day high of 1.2991 before finding resistance at the 50% retracement of the longer-term 1.3172/1.2803 drop. At time of writing, EURUSD is trading at the 1.2985 area, recording a 0.4% gain on the day.
From a technical view, Valeria Bednarik, chief analyst at FXstreet.com notes that a break above 1.2990 will open doors for a quick spike towards the 1.3030 area, where the pair has a daily descendant trend line coming from 1.3172 September high. "If price manages to overtake the trend line, would be expecting further buying interest with a probable target then at 1.3070 this week high", the analyst said.
"Short term support comes at 1.2950, followed then by 1.2910. Dips towards these levels will likely be seen as buying opportunities rather than signals of a bearish come back", Bednarik added.
Free Annual Reports
