EUR USD Trying to maintain above weekly level
9/26/2016 9:02:53 AM
EUR/USD is working hard to maintain above weekly 100-MA level of 1.1220 after having failed to close above the same last week for the third consecutive week.
The spot finds itself trapped in a multi-week range of 1.1360 to 1.1120 levels. The odds of a breakout were high last week, given we had FOMC rate decision. Though, the data dependent stance of Fed did little to help USD.
In the meantime, new worries in Eurozone, especially on the subject of the banking sector limited the gains in the common currency.
The spot was trading around 1.1230. Inability to hold above weekly 100-MA level of 1.1220 could yield a fall to 1.1190, under which the losses could be expanded to 1.1125. On the higher side, 1.1255 could offer support, which if broke would expose 1.1300 and 1.1340.