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EUR/USD keeps making fresh lows, still above 1.1000

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/USD continued to move to the downside during the American session and printed a fresh 2-month low at 1.1006. It was trading near the lows, at 1.1015, down 0.80% for the day, still under pressure.

    The euro is falling sharply across the board for the second day in a row weakened after the European Central Bank signaled that more stimulus was likely in December. “With the ECB now paving the way for a December move, the focus obviously turns to downside risks for EUR. Indeed, we expect the single currency to trade on a weaker footing ahead of – and possibly beyond – the ECB’s next monetary policy meeting on 3 December”, said analysts from TD Securities.

    From the level it had yesterday before Mario Draghi press conference EUR/USD has fallen more than 300 pips.

    EUR/USD levels to watch

    The immediate key support is t the 1.1000 handle, below here the next level to consider is the 1.0800/15, where May and July lows are located. On the opposite direction, any recovery below 1.1120 is likely to be considered a correction. From current levels short-term resistance might lie at 1.1060, 1.1085 (20-hour MA) and 1.1100.
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