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EUR/USD surrenders gains, near 1.1430

FXStreet (Edinburgh) - The European currency has given away its initial gains vs. the dollar at the end of the week, with EUR/USD now easing some ground to the 1.1435/30 band.

EUR/USD boosted by Fed no-hike

The bid tone around EUR has been reinforced on Thursday after the FOMC has decided to delay the rates lift-off, striking at the same time an unexpected dovish tone, which keeps fuelling the selling pressure around the greenback.

The pair’s upside momentum has lifted spot to multi-week peaks near 1.1460, although the up move seemed to have run out of steam soon afterwards, motivating the current correction lower.

In the data sphere, EMU’s Current Account surplus surpassed estimates at €22.6 billion in July, while the Leading Indicator tracked by the Conference Board will be the only release across the pond.

EUR/USD key levels

The pair is up 0.01% at 1.1434 and a breakout of 1.1461 (high Sep.18) would target 1.1493 (high Aug.25) en route to 1.1523 (high Aug.26). On the other hand, the initial support aligns at 1.1390 (low Sep.18) ahead of 1.1284 (low Sep.17) and finally 1.1258 (low Sep.15).

Greek Election: Meimarakis victory could push EUR/USD up to 1.1800

Once more, for the third time this year, the greeks are asked to vote in an election that is presented as crucial for the future of this damaged mediterranean country. The triumph in January of Syriza, the left-wing party that wanted to revolutionize Greece, diluted in a few months. At the same time, the euro went down until reaching 1.0461, its minimum value since January 2003. By then, the general thought was that Greece would have to quit the euro after being unable to meet its scheduled
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