EUR USD Fundamental Analysisi 5
8/9/2016 10:45:02 AM
The EUR/USD pair tested 1.1070 support once more, and now recoils from there in yet another effort to regain 1.1100 barrier and beyond. Now, EUR/USD trades +0.05% higher at fresh session highs of 1.1095, just an inch away from 1.11 handle. The main currency pair ultimately brought an end to its 20-pips consolidative phase in the last hour, and rebounded higher, as the dollar surrendered gains and now trades muted against its major peers. Though, the major still fights to take out 5-DMA barrier now placed at 1.1097 among positive European equities, which control the demand for the funding currency EUR. The German DAX increases +0.45%, the UK’s FTSE advances+0.28% and the pan-European benchmark, the Euro Stoxx 50 index jumps +0.45% so far this session. The major will carry on to closely monitor the USD price action ahead of the US non-farm productivity and IBD/TIPP Economic Optimism data due later in the NA session. In technical view, the pair finds the immediate persistence 1.1120. A break beyond the last, doors will open for a test of 1.1140/50. On the other hand, the immediate support is located at 1.1055/45 below which 1.1000 could be tested.