EURUSD Remains Buoyed Amid Mixed Data


The Euro (EUR) extended upside movement against the US Dollar (USD) on Wednesday, increasing the price of EURUSD to more than 1.1280 following the release of some key economic reports. The sentiment remains bullish in short term because of a Higher High on daily chart.

Technical Analysis

As of this writing, the pair is being traded around 1.1289. A support may be noted around 1.1258, the 50% fib level ahead of 1.1151, the 61.8% fib level and then 1.1100 that is the psychological number as demonstrated in the following chart.

EURUSD Remains Buoyed Amid Mixed Data

On the upside, the pair is expected to face a hurdle near 1.1365, the 38.2% fib level which is also the high of last major upside move ahead of 1.1498-1.1500 area that’s the confluence of psychological number as well as 23.6% fib level.

Zew Economic Sentiment

In its latest survey of financial forecasters, the ZEW economic expectations index for September showed a drop to 12.1 from 25.0 in August. ZEW President Clemens Fuest attributed the fall to a worsening economic outlook in the developing world. ZEW’s current conditions survey did however showed a slight bounce to 67.5 in September from 65.7 the month before and against expectations of a retreat to 64.0

Eurozone Trade Balance

For the whole of the European Union of 28 countries, the unadjusted trade surplus was €12.9 billion in July compared to €1.2 billion the year before. As a result, the European Union trade balance with South Korea, which had constantly been in deficit from 2004 to 2012, has turned into a surplus for the last two years and stood at +EUR 4.1 billion in both 2013 and 2014, informs LETA/ELTA.

Trade Idea

Considering the overall technical and fundamental outlook, selling the pair around current levels could be a good strategy in short term before the Fed monetary policy.

Trade over 50 forex markets 24 hours a day with FXOpen. Take advantage of low commissions, deep liquidity, and spreads from 0.0 pips. Open your FXOpen account now or learn more about trading forex with FXOpen.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

Latest from Forex Analysis

Market Analysis: AUD/USD and NZD/USD Set Sights on Additional Upside The US Dollar Is Weakening Following Inflation Data Dollar Adjusts After the Publication of Inflation Data in the US Market Analysis: EUR/USD Sees Green as USD/JPY Gains Bullish Traction GBP/USD Analysis: Pound Recovers After the Bank of England Decision

Latest articles


Coinbase (COIN) Stock Price Holds at Key Support Level

On Thursday, stock market traders were concerned about the sharp drop in Coinbase shares, listed on the Nasdaq, which fell by 9%. This was triggered by rumours that the Chicago-based CME Group is planning to launch cryptocurrency trading, posing a

What Is the Gold/Silver Ratio, and How Do Traders Use It?
Trader’s Tools

What Is the Gold/Silver Ratio, and How Do Traders Use It?

The gold/silver ratio, which measures the relative value of these two precious metals, is a vital tool for commodity traders. Understanding this relationship helps identify market trends and trading opportunities. This article explores how to calculate, analyse, and trade

Financial Market News

Weekly Market Wrap With Gary Thomson: S&P500, US Dollar, Gold Price, PEP Stocks

Get he latest scoop on the week's hottest headlines, all in one convenient video. Join Gary Thomson, the COO of FXOpen UK, as he breaks down the most significant news reports and shares his expert insights. Read the latest news

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 60% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.