4 Nov 2015
EUR/USD retreats further, tests 1.09
FXStreet (Edinburgh) - The common currency is now trading on a weaker tone against the dollar, taking EUR/USD to challenge the critical support at 1.0900.
EUR/USD softer ahead of Yellen
The bid tone around the US dollar remains firm today, prompting spot to trade closer to recent lows following the FOMC meeting, just below the 1.0900 handle. The greenback picked up further pace after the ADP report was slightly better than forecasts during October (182K) and the US trade deficit shrunk more than expected during September to $41.7 billion.
Next on tap, the ISM Non-Manufacturing and Markit’s Services PMI are due, ahead of the testimony by Fed Chief J.Yellen and speeches by Dudley and Fischer.
EUR/USD levels to watch
As of writing the pair is retreating 0.53% at 1.0904 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 1.1107 (7-month uptrend prev. support now resistance) would target 1.1125 (61.8% Fibo of 1.1496-1.0897) en route to 1.1145 (100-day sma).
EUR/USD softer ahead of Yellen
The bid tone around the US dollar remains firm today, prompting spot to trade closer to recent lows following the FOMC meeting, just below the 1.0900 handle. The greenback picked up further pace after the ADP report was slightly better than forecasts during October (182K) and the US trade deficit shrunk more than expected during September to $41.7 billion.
Next on tap, the ISM Non-Manufacturing and Markit’s Services PMI are due, ahead of the testimony by Fed Chief J.Yellen and speeches by Dudley and Fischer.
EUR/USD levels to watch
As of writing the pair is retreating 0.53% at 1.0904 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 1.1107 (7-month uptrend prev. support now resistance) would target 1.1125 (61.8% Fibo of 1.1496-1.0897) en route to 1.1145 (100-day sma).