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EUR/USD fails to break above 1.10 on first attempt

EUR/USD was hit hard by the ECB and then by the Fed and even dipped under 1.09. It then began a very gradual recovery, getting closer to the very round 1.10 level.

After “stalking” this level, the pair made a move to the upside, reaching 1.1016, but fell back down.

The disappointment from German retail sales  depresses the pair, at least for now. These were flat instead of +0.4% expected and the previous month’s figure was revised down from -0.4% to -0.7%.

It’s a busy day for the old continent: Spanish GDP will be released soon and a quarterly growth rate of 0.9% is predicted.

The bigger event is the release of inflation numbers for the euro-zone. After German inflation came out above expectations, the euro-zone number is estimated to have  improved from an outright deflation of -0.1% to a flat 0%. Core inflation carries expectations of +0.9% in October, just like in September.

The euro-zone unemployment rate is expected to remain  unchanged at a not-so-positive 11%.

Above 1.10, we have 1.1070 and 1.1130 as the next resistance lines. Support awaits at 1.09 and 1.0810.

EURUSD October 30 2015 rising

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.