EUR/USD – hourly 100-MA is capping gains

EUR/USD is trading on the back foot in Asia after having failed for the second time to take out hourly 100-MA for the second time this week. 

Focus on Treasury yields

The data docket across the Eurozone is light, hence the spot is likely to track the action in the Treasury yields, which could come under pressure on account of the sharp drop in oil prices. 

Traders would also keep an eye on US election related news flow.  Later in the day, US ISM manufacturing employment sub index for October could move markets. 

EUR/USD Technical Levels

Acceptance above hourly 100-MA level of 1.0979 could yield a test of supply around 1.1039 (Oct 20 high). The next major hurdle is noted at 1.1091 (hours 200-MA). On the other hand, a breakdown of support at 1.0936 (4-hour chart support) would open doors for 1.09 (zero figure), under which losses could be extended to 1.0851 (Oct 25 low). 

  TREND INDEX OB/OS INDEX VOLATILY INDEX
15M Bullish Neutral Low
1H Strongly Bearish Neutral High
4H Bullish Neutral Expanding
1D Bullish Neutral Low
1W Strongly Bearish Neutral Expanding

 

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