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EUR/USD weaker, tests 100D-MA at 1.1180

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The increasing bearish tone around the common currency remains unabated so far, with EUR/USD currently hovering over the 1.1190/80 area.

    EUR/USD supported around 1.1180

    The pair’s downside seems to have found some support around 1.1180 - where currently sits the 100-day sma – while President Draghi’s dovish remarks keep hammering EUR.

    In the meantime, spot challenges the area of 3-week lows near 1.1170 after Draghi has argued that a few members felt inclined to act today, although their proposal was dismissed… for now.

    EUR/USD relevant levels

    As of writing the pair is retreating 1.38% at 1.1182 and a breakdown of 1.1153 (61.8% Fibo of 1.0808-1.1713) would expose 1.1126 (200-day sma) and finally 1.1086 (low Sep.3). On the flip side, the next hurdle lines up at 1.1366 (38.2% Fibo of 1.0808-1.1713) followed by 1.1450 (downtrend from May’14 top) and then 1.1498 (23.6% Fibo of 1.0808-1.1713).
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