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EUR/USD extends losses despite US data, hits 5-day low

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The dollar gathered momentum and dragged EUR/USD to fresh lows sub-1.0950 despite the latest string of US data came in the soft side.

    US factory orders fell 1.0% in September against a decrease of 0.9% expected, while prior months’ were revised down to -2.1% from -1.9%. Separated data showed IBD/TIPP economic optimism index fell to 45.5 vs. 47.5 estimate while on the flip side, US ISM NY index for October rose to 65.8. versus 44.5 the previous month.

    The dollar shrugged off negative readings and extended gains versus the shared currency, with EUR/USD hitting a low of 1.0935 before finding support. At time of writing, the pair is trading at 1.0950, still 0.58% down on the day.

    EUR/USD levels to watch

    In terms of technical levels, immediate supports could be found at 1.0896 (Oct 28 low) and 1.0847 (Aug monthly low) ahead of 1.0800 (psychological level). On the flip side, resistances line up at 1.1071 (Oct 30 high), 1.1095 (Oct 28 high) and then 1.1107 (200-day SMA).
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