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30 Sep 2016

EUR/USD recovery stalls below session high, back near 1.1200 mark

Having touched its lowest level since Sept. 21, the EUR/USD pair witnessed a sharp recovery and moved back above 1.1200 handle.

Currently hovering around 1.1200 region, the pair caught fresh bids at session low level of 1.1153 following the release of slightly disappointing US consumer spending data. The pair subsequently spiked close to session high struggled to extend the recovery momentum as better-than-expected Chicago PMI print and upward revision of UoM Consumer Sentiment index for September extended support for the US Dollar bulls. 

With the US economic releases out of the way, any fresh news / development surrounding the Deutsche Bank issue would remain the key driver of the pair's momentum during US trading session.

Technical levels to watch

On the upside, additional recovery momentum above session high resistance near 1.1225 level is help the pair towards 1.1250 resistance and further towards a strong supply zone near 1.1275-80 region. On the downside, immediate support is now pegged 1.1185 (100-day SMA) below which the pair is likely to head back towards retesting 200-day SMA support near 1.1160-55 region before eventually dropping to test an important horizontal support near 1.1125-20 area.

 

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