EUR/USD accelerates the drop to 1.0580

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 25, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The selling mood around the shared currency is picking up further pace today, dragging EUR/USD to fresh 7-month lows near 1.0580

    EUR/USD lower on ECB

    The pair is intensifying its decline following rumours that the ECB could be discussing two-tiered bank charges and a broader bond buying programme, in light of the upcoming key meeting.

    In addition, V.Constancio stressed that any QE discussion will remain ‘data-dependant’, while he has reiterated that the central bank does not target the foreign exchange and that the euro area can cope with higher rates in the US economy.

    EUR/USD levels to watch

    As of writing the pair is losing 0.57% at 1.0585 with the next support at 1.0519 (low Apr.13) en route to 1.0456 (2015 low Mar.16). On the upside, a breakout of 1.0805 (23.6% Fibo of 1.1496-1.0591) would open the door to 1.0829 (high Nov.12) and finally 1.1058 (200-day sma).
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