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The EUR bid continues

Market Analysis

EURUSD, H1                   

EURUSD burst above 1.2000, the first time above this level in over 30 months, before stalling north of 1.2050. The common currency has also rallied further into eight-year high territory against the pound,  over 0.9300 while the euro has reversed most of losses seen in early Asia-Pacific trading versus the yen, with EURJPY back within a big figure of the 19-month high seen in early August. A 16-year high reading of German consumer confidence in the September projection, and strong French consumer spending data, have given the euro some fundamental underpinnings, arriving with the dollar pressured by political and geopolitical concerns, and the still as yet uncertain economic consequences of storm-hit Texas. EURUSD’s high so far is 1.2069. Trend support comes in at 1.1944-46, and resistance at 1.2068-70. As a trend following trader the 20 period moving average is always key.

 

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Stuart Cowell

Senior Market Analyst

HotForex

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