OctaFX | OctaFX Forex Broker
Open trading account

EUR/USD at fresh session high ahead of US data

FXStreet (Mumbai) - The EUR/USD moved to a fresh session high of 1.1256 ahead of the data in the US which is expected to show the corporate spending contracted in August.

EUR rises amid risk aversion in the markets

The common currency strengthened amid classic risk aversion signs in the markets. The AUD/JPY pair headed lower, while the USD strengthened against the commodity currencies and risk currencies like Sterling. Meanwhile, the traditional safe havens strengthened against the USD. EUR too, being a funding currency, strengthened on account of unwinding of risk-on trades.

The investors now await US durable goods figure; seen falling 2.3% from the 2.2% rise in July. The weekly initial jobless claims are seen rising to 275K.

EUR/USD Technical Levels

The immediate resistance is seen at 1.1265 (hourly 200-DMA), above which the pair could rise to 1.13 levels. On the other side, support is seen at 1.1198 (200-DMA) and 1.1137 (50-DMA).

USDCAD: Upward journey towards the 1.40 mark in sight - TDS

Ned Rumpeltin, European Head of Currency Strategy at TD Securities, suggests that USDCAD continues to ratchet higher, breaking to fresh 11-year highs.
Read more Previous

EURUSD: Trading with lots of uncertainty - Westpac

Richard Franulovich, Research Analyst at Westpac, suggests that EURUSD is understandably running into some short term demand into the 1.1085-1.1100 technical support level.
Read more Next
Start livechat