FXStreet (Edinburgh) – The offered tone remains unabated around the common currency today, now dragging EUR/USD to fresh lows near 1.0960.
EUR/USD focus on US data
The pair has rapidly lost altitude during the European morning, leaving the area of daily tops around 1.1030 to initiate the current leg lower, although a precise catalyst – other than USD strength – still remains elusive.
The sustained buying interest around the US dollar has been bolstered by a solid performance of US Treasuries so far, hurting as a consequence the risk-associated universe ahead of the release of September’s Factory Orders in the US economy (-0.9% exp.)
EUR/USD levels to watch
As of writing the pair is retreating 0.50% at 1.0964 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).
(Market News Provided by FXstreet)