EURUSD at Monthly High Ahead of EU Summit in Brussels

EURUSD gives up 0.02% at 1.1069 as the optimism around the phase one trade deal between US and China boosted the common currency at one month high. On the other hand, confusing headlines from the Brexit front increased volatility in the forex market. The economic data yesterday came better than expected as the Consumer Price Index, rose to 1% yearly in September from 0.9% in August.

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EURUSD Support and Resistance Levels

EURUSD continues higher for one more session reaching fresh monthly highs as the momentum turns positive after the pair breached above the 50-day moving average, and that helped some buyers to step in and drive the price to monthly high. On the technical side EURUSD made an impressive rebound from two-year lows at 1.0878 up to 1.1085 amid support that risk assets found on better news. On the downside, important support stands at 1.1067 daily low, a break below will encourage more sellers to join the action and drive the price down to 1.0972 the low from October 10. Next strong support stands at two-year lows at 1.0878. This is the next target that could be attained on a convincing downside break of the 1.0972 critical support line. On the upside, immediate resistance stands at 1.1084 today’s high, a break above can lead prices up to 100-day moving average at 1.1137. Long positions can sit comfortably as long as the pair trades above the descending channel and above 1.10.

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EURUSD at Monthly High Ahead of EU Summit in Brussels
EURUSD at Monthly High Ahead of EU Summit in Brussels

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