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EUR/USD finds support near 1.1230

FXStreet (Edinburgh) - The daily decline in EUR seems to have found decent support around 1.1230 at the beginning of the trading week, with EUR/USD now retaking the mid-1.1200s.

EUR/USD weaker, eyes on US data

The broader market sentiment keeps favouring the greenback so far, extending the recovery sparked last Friday and relegating spot to fresh lows in the 1.1230 region.

Comments from St. Louis Fed’s President J.Bullard have been weighing on the euro during the European afternoon, after he stressed that September was an appropriate time to hike rates; he also expects the US unemployment to grind lower to the 4.5% area.

Next of relevance will be US Existing Home Sales (5.53 million exp. in August) and the speech by Atlanta Fed President Dennis Lockhart.

EUR/USD key levels

The pair is retreating 0.52% at 1.1242 with the initial support at 1.1234 (low Sep.21) followed by 1.1214 (low Sep.16) and finally 1.1171 (low Sep.10). On the flip side, a breakout of 1.1331 (high Sep.21) would aim for 1.1373 (high Sep.14) and then 1.1441 (high Sep.17).

Eurozone: Re-cycling of current account surplus by investors – SocGen

Kit Juckes, Research Analyst at Societe Generale, suggests that investors willingness to re-cycle a gargantuan current account surplus of Eurozone is likely to keep the Euro relatively soft when markets are buoyant, but periods of sharp Euro appreciation, are likely when investors are nervous.
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