EURUSD at Daily High, Stalls at 100-Day MA

EURUSD started the day higher adding 0.05% at 1.1117 as traders await the Fed decision later today with most analysts forecasting a 25 bps interest rate cut. Germany Unemployment Rate came in at 5% in line with forecasts for October. Italy’s Business Confidence came in at 99.6, topping expectations of 98.5 in October.

Mario Draghi in his last speech reiterated his call on European governments to take further fiscal actions to boost the economy.

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EURUSD Resistance and Support Levels

EURUSD consolidates above the critical 1.11 mark, and below the 100-day moving average. On the technical side EURUSD made an impressive comeback from two-year lows at 1.0878 up to 1.1172 amid support that risky assets found on better news from Brexit and an improvement in US-China trade tensions.

On the downside, immediate support stands at 1.1106 daily low, a break below will encourage more bears to join the action that may drive the price down to 1.1035 the 50-day moving average. On the flip side, immediate resistance stands at 1.1123 today’s high, a break above can lead prices up to 1.1172 monthly high.Download our latest quarterly market outlook for our longer-term trade ideas.

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