OctaFX | OctaFX Forex Broker
Open trading account

EUR/USD decline halted near 1.0580

FXStreet (Edinburgh) - The selling pressure around EUR/USD seems to have found some support around the 1.0580 area on Wednesday.

EUR/USD vulnerable ahead of US data

Dovish comments from ECB officials have triggered a sharp sell off in the common currency during the morning in Europe, although buyers seems to have emegered around 1.0580, or fresh multi-month lows.

Next of relevance for the pair will be US Durable Goods Orders, followed by Personal Income/Spending and inflation figures gauged by the PCE.

EUR/USD levels to watch

As of writing the pair is losing 0.44% at 1.0598 with the next support at 1.0519 (low Apr.13) en route to 1.0456 (2015 low Mar.16). On the upside, a breakout of 1.0805 (23.6% Fibo of 1.1496-1.0591) would open the door to 1.0829 (high Nov.12) and finally 1.1058 (200-day sma).

GBP/USD recovers on upbeat OBR economic forecasts

GBP/USD jumped 30 pips or so to near 1.51 handle after the UK Office for Budget Responsibility (OBR) revised its Uk GDP forecasts higher.
Read more Previous

Franc overvalued, negative rates useful – SNB’s Jordan

Swiss National Bank’s (SNB) Jordan in an interview with a newspaper once again said the CHF is overvalued and cheered the efficiency of the negative rates.
Read more Next
Start livechat