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EUR/USD extends the decline

FXStreet (Edinburgh) - The single currency is now accelerating its intraday correction, dragging EUR/USD back to the 1.2670 area, or session lows.

EUR/USD hurt by weaker ZEW

Spot intensifies the decline after the ZEW Survey disappointed investors in October: Economic Sentiment and Current Situation dropped to -3.6 and 3.2 in Germany (vs. 6.9 and 25.4 previous, respectively); while the Economic Sentiment in the euro area slumped to 4.1 from 14.2. The industrial production figures were released as well for the euro bloc, showing a worrisome monthly contraction of 1.8%, below estimates for a 1.6% drop. That was all data wise in Euroland today. Across the pond, September’s NFIB Business Optimism index is due later (96.1 prev.).

EUR/USD levels to watch

At the moment the pair is retreating 0.67% at 1.2666 with the next support at 1.2663 (10-d MA) followed by 1.2648 (200-h MA) and then 1.2605 (low Oct.10). On the upside, a breakout of 1.2791 (high Oct.9) would expose 1.2802 (30-d MA) and finally 1.2816 (low Sep.22).

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Gold remains steady

Gold prices have remained largely unchanged during the last couple of hours as the rebound in the US Dollar Index capped the gains arising from the fall in the European equity markets.
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