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EUR/USD testing lows near 1.0730

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 13, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The selling mood is now growing bigger around the single currency, dragging EUR/USD to test lows in the 1.0730 region.

    EUR/USD weaker following US data

    The pair has failed to clinch once again the 1.08 handle following today’s miss by US Retail Sales, dropping instead to fresh daily troughs in the 1.0735/30 band.

    In fact, despite the key Retail Control Group – that is, excluding Autos, Gasoline and Building Materials – has missed estimates as well, September’s revision higher was what prompted USD bulls to step in and push spot lower.

    Adding to USD strength Cleveland Fed L.Mester has showed herself ‘reasonably confident’ that inflation figures will return to the 2% target.

    EUR/USD levels to watch

    As of writing the pair is losing 0.71% at 1.0732 facing the next support at 1.0658 (low Apr.21) followed by 1.0600 (psychological level) and finally 1.0519 (low Apr.13). On the other hand, a breakout of 1.0880 (downtrend from 1.1496) would target 1.0988 (76.4% Fibo of 1.1496-1.0706) en route to 1.1086 (200-day sma).
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