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EUR/USD headed to 1.1120 key support? - FXStreet

FXStreet (Guatemala) - Valeria Bednarik, chief analyst at FXStreet explained that EUR/USD maintains the range this Wednesday, hovering around the 1.1200 level, and with the upside limited due to a strong recovery in the Asian and European equities.

Key Quotes:

"Macroeconomic news coming from Europe showed that the EU inflation fell into negative territory in September, printing -0.1% from a year before, which triggered speculation the ECB may need to add additional QE. Also, unemployment ticked higher in the EU and Germany, which adds to the EUR's bearish case. Ahead of the US opening, the US released the ADP employment private survey, showing that the sector added 200K new jobs in September, from a previously revised 186K, giving the greenback a short term boost.

The EUR/USD pair extends its decline below the 1.1200 figure ahead of the US opening, and the 1 hour chart shows that the price is accelerating below its moving averages, whilst the technical indicators present strong bearish slopes below their mid-lines.

In the 4 hours chart the price is accelerating below its 20 SMA, the Momentum indicator holds flat around 100 whilst the RSI heads lower around 43, all of which supports additional short term declines. The immediate support comes at 1.1160, with a break below it exposing 1.1120 a strong static support."

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