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EUR/USD bounces off 1.1150, back to 1.1200

FXStreet (Edinburgh) - After bottoming out in the mid-1.1100s, EUR/USD has gathered traction and is now hovering over the 1.1200 handle.

EUR/USD capped by 1.1200

The pair has returned to the 1.1200 neighbourhood after testing 2-week troughs in the 1.1155/50 band in early trade, in a context where the US dollar remains bid and extending its moderate recovery from last Friday.

Spot continues to navigate in the red territory moved by the risk appetite trends amidst absent key releases in both Euroland and the US economy. The prevailing tone remains bearish however, while market participants keep assessing a potential rate hike next month or at the December meeting after the recent Fed’s no-decision.

EUR/USD key levels

The pair is up 0.08% at 1.1199 and a breakout of 1.1330 (high Sep.21) would aim for 1.1373 (high Sep.14) and then 1.1441 (high Sep.17). On the other hand, the next support aligns at 1.1155 (low Sep.22) followed by 1.1131 (low Sep.9) and finally 1.1089 (low Sep.4).

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