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EUR/USD weaker, breaches 1.10

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 shared currency is now losing the grip vs. the dollar following the European open, dragging EUR/USD to session lows in the 1.0990 area.

    EUR/USD softer on USD-buying

    The buying interest around the dollar is picking up pace during the morning in Europe, sending the pair once again to test levels below the psychological 1.1000 handle.

    Ahead in the session, Factory Orders across the pond will be the main relevant release for the pair today, ahead of the speech by President Draghi later in the evening.

    EUR/USD levels to watch

    As of writing the pair is retreating 0.17% at 1.0997 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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