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EUR/USD sinks to lows near 1.1030

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The offered tone around EUR is now picking up further pace, relegating EUR/USD to the lower end of the range near 1.1030.

    EUR/USD weaker post-US data

    Spot has once again tumbled into the negative territory, testing the area of 1.1040/30 in spite of another miss from the US docket. This time, CB’s Consumer Confidence came in at 97.6 for the current month vs. 103.0 initially forecasted and down from September’s 102.6 (revised lower from 103.0)

    The results add to the recent disappointments by Markit’s Services PMI and Durable Goods Orders, both coming in below consensus.

    EUR/USD levels to watch

    As of writing the pair is losing 0.18% at 1.1038 with the next support at 1.1000 (psychological level) followed by 1.0915 (low Jul.7) and finally 1.0847 (low Aug.5). On the other hand, a break above 1.1078 (8-month uptrend) would target 1.1116 (200-day sma) en route to 1.1153 (61.8% Fibo of 1.0808-1.1713).
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