Home EUR/USD edges closer to 1.14 on USD sell off, Fischer
Forex News Today: Daily Trading News

EUR/USD edges closer to 1.14 on USD sell off, Fischer

The US dollar is not getting a lot of love these days, and while the first to react were commodity currencies, the euro eventually followed suit, breaking above the triangle.

It then continued to tackle the significant resistance line of 1.1375 but seems to struggle. The pair is now resuming its march forward, and a much more important line looms.

The doubts are creeping about whether the Fed is really insisting on hiking in December. While speakers such as Williams reiterated the 2015 liftoff mantra, we are beginning to hear different tunes from a more important member.

Stanley  Fischer, the Vice Chair, has usually been leaning to the hawkish side.  While he did repeat the talk about hiking in 2015, the central banker did stress this was not a “commitment” but merely an “expectation”. He also added worries about the  global uncertainty and financial conditions.

He did note the disappointing jobs report and  that export growth is slow and that everything, as always, is data dependent.

Here is how it looks on the chart. The next big level is 1.1460: it was the top of the recovery in the spring and also the highest post-Fed level for the pair. In the middle, we had the  Chinese crisis in late August:  euro/dollar then reached 1.1712, but  didn’t sustain those highs.

EURUSD October 12 technical analysis 1 14 close Stanley Fischer

In the latest podcast we explain how no news is bad news for the USD and more:

Follow us on Sticher or on iTunes

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.