OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/USD slump to lows near 1.1230

FXStreet (Edinburgh) - The single currency is now losing the grip vs. the dollar, dragging EUR/USD to the area of daily lows around 1.1230.

EUR/USD lower post-European open

The pair has accelerated its decline following the opening bell in Euroland on Wednesday, fading the overnight spike to session tops around 1.1280 and deflating to the 1.1235/30 band.

Poor results from German Industrial Production hurt the sentiment in early trade, while market participant have practically ignored the ECB Non-monetary policy meeting. Across the pond, the only release of note will be August’s Consumer Credit Change ($19.0 billion exp.).

EUR/USD levels to watch

As of writing the pair is retreating 0.29% at 1.1239 with the next support at 1.1209 (55-d sma) followed by 1.1151 (2-month up trend) and then 1.1107 (monthly low Sep.23). On the upside, a breakout of 1.1300 (psychological level) would target 1.1460 (monthly high Sep.18) and then 1.1714 (high post-PBoC move Aug.24).

UK Industrial production preview: What to expect in GBP/USD?

The GBP/USD pair is trading on a strong footing ahead of the UK industrial production report, but the strength is more due to the broad based USD weakness rather than strong UK fundamentals.
Read more Previous

US: Weak trade numbers led to cut in GDP forecasts – Deutsche Bank

Jim Reid, Research Analyst at Deutsche Bank, suggests that the confirmed weaker US trade numbers led our economists to cut their GDP forecasts for Q3 and Q4 with the former reduced from 3.0% to 1.7%, and the latter trimmed from 3.0% to 2.3%.
Read more Next
Start livechat