EUR/USD finds support at 1.1150 and resumes the advance

FXStreet (Córdoba) – Following a round trip to 1.1230 and back to 1.1150, EUR/USD gathered pace and resume the advance at the beginning of the New York session as North America returns from the long weekend.

EUR/USD found support once again at the 1.1150 region and bounced, toward the 1.1185 zone in recent dealings. However, the pair is going through a consolidation phase as investors still refrain from taking big positions as cautious increases moving closer to next week’s Fed’s decision on monetary policy.

On the data front, US labour market conditions index rose to 2.1 in August from 1.8 the pevious month. Later on the day, Fed’s Kocherlakota is due to speak on monetary policy, although it probably won’t be a market mover as he is a non-voter.

EUR/USD levels to watch

In terms of technical levels, immediate resistances could be found at 1.1229 (Sep 8 high), 1.1243 (Sep 3 high) and 1.1265 (200-day SMA). On the downside, supports are seen at 1.1120 (Sep 7 low/100-day SMA), 1.1086 (Sep 3 low) and then 1.1058 (Aug 17 low).

Following a round trip to 1.1230 and back to 1.1150, EUR/USD gathered pace and resume the advance at the beginning of the New York session as North America returns from the long weekend.

(Market News Provided by FXstreet)