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Oct 23, 2015
EUR/USD at fresh two-month low in early US
FXStreet (Mumbai) - The US desks are offering EUR once again, pushing EUR/USD to a fresh session two-month low of 1.1052 as the US-German bond yield spread widened further after China rate cut move.
Offered below 38.2% retracement
The pair was offered after it failed to sustain above the 50% retracement of the March to Aug rally located at 1.1088. An interest cut from China pushed up US index futures and the 10-yr treasury yield, taking the US-German 10-yr yield spread higher to 156 basis points.
The spot now trades around 1.1052, with a focus on the bond yield spread and sentiment on the Wall Street.
EUR/USD Technical Levels
The immediate support now stands at 1.1017 (Aug 18 low), under which a break below 1.10 could push the spot lower to 1.0940 (61.8% of Mar-Aug rally). On the other side, resistance is seen at 1.1088 (50% of Mar-Aug rally) and 1.1122 (200-DMA).
Offered below 38.2% retracement
The pair was offered after it failed to sustain above the 50% retracement of the March to Aug rally located at 1.1088. An interest cut from China pushed up US index futures and the 10-yr treasury yield, taking the US-German 10-yr yield spread higher to 156 basis points.
The spot now trades around 1.1052, with a focus on the bond yield spread and sentiment on the Wall Street.
EUR/USD Technical Levels
The immediate support now stands at 1.1017 (Aug 18 low), under which a break below 1.10 could push the spot lower to 1.0940 (61.8% of Mar-Aug rally). On the other side, resistance is seen at 1.1088 (50% of Mar-Aug rally) and 1.1122 (200-DMA).