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EUR/USD keeps falling, 1.0950 on sight

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The offered tone remains unabated around the common currency today, now dragging EUR/USD to fresh lows near 1.0960.

    EUR/USD focus on US data

    The pair has rapidly lost altitude during the European morning, leaving the area of daily tops around 1.1030 to initiate the current leg lower, although a precise catalyst – other than USD strength - still remains elusive.

    The sustained buying interest around the US dollar has been bolstered by a solid performance of US Treasuries so far, hurting as a consequence the risk-associated universe ahead of the release of September’s Factory Orders in the US economy (-0.9% exp.)

    EUR/USD levels to watch

    As of writing the pair is retreating 0.50% at 1.0964 with the immediate support at 1.0897 (low post-FOMC Oct.28) followed by 1.0847 (low Aug.5) and finally 1.0808 (low Jul.20). On the other hand, a break above 1.1103 (7-month uptrend prev. support now resistance) would target 1.1125 (61.8% Fibo of 1.1496-1.0897) en route to 1.1149 (100-day sma).
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