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EUR/USD continues to plummet, 1.0800 in sight

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD came under renewed pressure and broke to fresh lows over the last minutes, with no clear catalyst for the move other than USD buying interest.

    Fed Chair Janet Yellen was testifying before the Congress but made no comments on monetary policy and limited to say the US economy is performing well. However, a string of above expectations US data (ADP, trade balance, ISM services) gave the greenback additional tailwinds ahead of the nonfarm payrolls report on Friday.

    EUR/USD fell to its lowest level since early August at 1.0858 and it was last trading 0.87% down at the 1.0865 zone.

    EUR/USD technical levels

    In terms of technical levels for EUR/USD, immediate supports could be found at 1.0847 (Aug monthly low) and1.0800 (psychological level) ahead of 1.0784 (Apr 24 low) . On the flip side, resistances line up at 1.1071 (Oct 30 high), 1.1095 (Oct 28 high) and then 1.1105 (200-day SMA).
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