EUR/USD drops further… 1.10 just around the corner

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The selling interest around EUR remains unabated on Friday, now relegating EUR/USD to trade in the 1.1030/20 band, or 2-month lows.

    EUR/USD hurt by sentiment, USD, ECB

    The pair is retreating for the third consecutive session so far, surrendering more than three big-figures from weekly tops around 1.1380 and turning the focus back to the lower end of the 1.08-1.15 range that has been prevailing over the recent months.

    Renewed selling pressure stemming from the likeliness of further easing by the European Central Bank (via its QE programme or rate cuts), and most likely to be announced at its December meeting, has prompted sellers to rush to the markets and push spot over the cliff.

    EUR/USD relevant levels

    As of writing the pair is down 0.73% at 1.1027 and a breakdown of 1.1000 (psychological level) would target 1.0915 (low Jul7) and finally 1.0847 (low Aug.5). On the flip side, the next hurdle lines up at 1.1153 (61.8% Fibo of 1.0808-1.1713) followed by 1.1177 (100-day sma) and then 1.1200 (psychological handle).
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