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EUR/USD in 3-month lows near 1.0880

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The shared currency is now falling further, dragging EUR/USD to test fresh 3-month lows in the 1.0880 area.

    EUR/USD around 1.0880 ahead of US data

    The pair has rapidly intensified its weekly decline, losing more than six big-figures since October tops in the 1.1500 neighbourhood.

    The likeliness of the ECB announcing additional easing measures at its December meeting and the increasing probability of a Fed’s lift-off next month have exacerbated the divergence of monetary policy between the Federal Reserve and the European Central Bank, bringing in renewed selling pressure to the euro.

    EUR/USD levels to watch

    As of writing the pair is retreating 0.76% at 1.0879 with the immediate support at 1.0847 (low Aug.5) ahead of 1.0808 (low Jul.20) and finally 1.0519 (low Apr.13). On the other hand, a break above 1.0970 (76.4% Fibo of 1.0808-1.1713) would open the door to 1.1085 (downtrend from 1.1496) and then 1.1104 (200-day sma).
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