EUR/USD - EUR/USD Profit Booked at 1.1150! - 09/23/2015 (GMT)

The euro was traded mixed against its major counterparts on Tuesday and early Wednesday as Eurozone entered the worse consumer confidence month that forecasted. The flash sentiment in September dipped to -7.1 while it was expected to have remained stable at -6.9. The importance of this indicator is huge as it drives to spending slowdown, as low unemployment block wage growth, and in turn economic growth gets slower.

The EUR/USD pair plunged -0.62% during yesterday’s session and it reached our suggested target at 1.1150 and since then is hovering slightly below that level. Recently, we have been very profitable in this pair despite the absence of any market affecting news economic indicators. However, the bearish view is confirmed from the economists’ hopes for a rate hike this year that boosted from Fed officials’ comments. In contrast, ECB may expand its stimulus program to ensure that inflation is heading to central bank’s target. With the above in mind, with little on the domestic macroeconomic front today and ECB president Mario Draghi’s speech, I would expect the pair to test the 1.1090, a strong technical level.