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EUR/USD slump to lows near 1.1230

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - The single currency is now losing the grip vs. the dollar, dragging EUR/USD to the area of daily lows around 1.1230.

    EUR/USD lower post-European open

    The pair has accelerated its decline following the opening bell in Euroland on Wednesday, fading the overnight spike to session tops around 1.1280 and deflating to the 1.1235/30 band.

    Poor results from German Industrial Production hurt the sentiment in early trade, while market participant have practically ignored the ECB Non-monetary policy meeting. Across the pond, the only release of note will be August’s Consumer Credit Change ($19.0 billion exp.).

    EUR/USD levels to watch

    As of writing the pair is retreating 0.29% at 1.1239 with the next support at 1.1209 (55-d sma) followed by 1.1151 (2-month up trend) and then 1.1107 (monthly low Sep.23). On the upside, a breakout of 1.1300 (psychological level) would target 1.1460 (monthly high Sep.18) and then 1.1714 (high post-PBoC move Aug.24).
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