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EUR/USD trims gains, bad news is good news?

FXStreet (Mumbai) - The EUR/USD pair trimmed gains to trade around 1.1410 levels as the Wall Street is treating ‘bad news as good news’ by sending stocks moderately higher.

Offered at 1.1149

The pair was offered at a high of 1.1149 as the S&P 500 index advanced 0.25% despite the dismal advance retail sales report and the resulting drop in the Fed rate hike bets. It appears that markets are once again cheering the bad news as it would mean the period of low interest rates is here to stay for a long time.

Ahead in the day, the sentiment in the financial markets could continue to affect the pair. In case, the stocks turn lower, the EUR/USD could revisit its daily highs around 1.1450 levels.

EUR/USD Technical Levels

The immediate resistance is seen at 1.1149 (daily high), followed by a major hurdle at 1.1460 (Sep 18 high). A break above the same would expose 1.15 handle. On the other side, a break below 1.14 handle could push the spot down to 1.1383 (hourly 50-MA) and 1.1359 (hourly 100-MA).

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