EUR/USD tests hourly 50-MA as Stoxx 50 futures advance

By FXStreet FXStreet (Mumbai) – The EUR/USD pair rose to its hourly 50-MA at 1.0760 levels, while the pan-European Euro Stoxx 50 futures advanced 0.50%.

Eyes Weidmann’s speech

The ECB governing council and a well known hawk Jens Weidmann is due to speak later today. It will be interested to see if Weidmann gives a green signal for a deposit rate cut in December. Live squawk reported yesterday that consensus seems to be building in the ECB around a deposit rate cut as more QE may be hard to sell.

Meanwhile, the action in the European equities could influence the funding currency EUR as well.

EUR/USD Technical Levels

The immediate resistance is located at 1.0808 (July 20 low), above which the gains could be extended to 1.0848 (Aug 5 low). Meanwhile, a failure to sustain above 1.0758 (76.4% of Mar-Aug rally) would open doors for a re-test of Friday’s low at 1.0705.
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Source:: FX Street