OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/USD recovers further from lows

FXStreet (Córdoba) - EUR/USD retraced most of yesterday’s rally during the European session weighed by the slump in stocks against a risk averse environment. However, the pullback was contained a few pips above the 1.2700 mark, allowing the pair to recover ground moving in tandem with equities.

EUR/USD scored a daily low of 1.2704 but found support and trimmed losses, climbing all the way back to 1.2795 as FOMC members speak. St Louis Fed President Bullard (known as a Fed hawk) said the Fed should consider delay in ending of QE.

"That a hawk like St Louis Fed President James Bullard would even entertain the idea of pausing the taper is an extremely strong signal", said Adam Button, editor at ForexLive. "It means that if things get worse, the Fed will go right back to QE-forever".

At time of writing, EUR/USD is trading at 1.2790, still 0.36% below its opening price. On the data front, there is no first-tier data scheduled for the rest of the session.

EUR/USD technical levels


As for technical levels, immediate resistances are seen at 1.2844 (intraday high) 1.2882 (Oct 15 high) and 1.2900 (psychological level). On the flip side, supports could be found at 1.2704 (intraday low) and 1.2690 (10-day SMA) ahead of 1.2623 (Oct 15 low).

GBP/USD climbs to 1.6050

Cable is rising for the second day in a row against the US dollar, recovering after falling to a 11-month low at 1.5872 yesterday. As stocks moved off session lows in Europe and in Wall Street, GBP/USD broke above 1.6030 and climbed to 1.6050, hitting a fresh daily high.
Read more Previous

USD/JPY next major support is 105.00

USD/JPY is trading at 106.02, up 0.11% on the day, having posted a daily high at 106.35 and low at 105.51.
Read more Next
Start livechat