OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/USD: Bulls regain control, testing highs near 1.1380

FXStreet (Mumbai) - The EUR/USD pair remains lifted in the European morning and heads towards multi-week highs reached on Friday just shy of 1.14 handle, as mixed European stocks and weaker US dollar continues to boost the shared currency.

EUR/USD hovers below H1 - R1

The EUR/USD pair trades 0.17% higher at 1.1379, fighting hard extend beyond 1.1285-90 resistance zone. The major keeps hovering near session highs as markets remain wary amid mixed performance seen on the European indices and prefer the European currency amid thin-trades.

The pan-European benchmark, the Euro Stoxx turned negative at 3,249 while the DAX pares gains and trades 0.55% at 10,153. While the UK’s FTSE drops -0.48% to 6,386.

Meanwhile, the EUR/USD pair also remains supported as the greenback remains submerged into losses with traders still weighing the dovish Fed minutes. The USD index drops -0.17% to 94.77, at fresh multi-week lows.

The main currency pair is likely to track the sentiment on the European indices amid a data-deficient macro trading session today. While low volumes as Japan and the US markets remain closed today, are likely to keep the pair buoyant.

EUR/USD Technical Levels

The pair holds above all its daily major moving averages while the RSI remains above the mid-lines, which backs the case for further upmoves. Hence, to the upside, the major faces immediate resistance at 1.1400 (round number), beyond which a test of 1.1442-60 (Sept 17 & 18 Highs) would become imminent. While the immediate support is located at 1.1366/67 (hourly 20-SMA & H1 S2), a breach of the last would expose 1.1300 (psychological levels).

UK’s FTSE suffers first drop in nine sessions

Following the best weekly performance in nearly four years, the London’s benchmark equity index FTSE edged lower on Monday, while mining stock put on a mixed performance.
Read more Previous

GBP/USD off-highs, now testing 200-DMA

The bid tone on the GBP/USD eased a bit in the European morning, and the major retreated from session highs as the falling UK’s stocks dent the sentiment around the pound.
Read more Next
Start livechat