7 Nov 2014
EUR/USD drops to fresh 2014 low
FXStreet (Edinburgh) - The euro is now falling further, dragging EUR/USD to print fresh ytd lows near 1.2360, levels last seen in August 2012.
EUR/USD weaker despite lower Payrolls
In spite of lower-than-expected Payrolls during October (214K act. vs. 231K exp.), a renewed selling interest is hurting the pair, pushing it to the 1.2370/60 band, or more than 2-year lows. In the data space, next of relevance will be the speeches by Yellen, Tarullo and Evans, preceding the US Consumer Credit Change figures, expected at $15.10 billion in September. In the view of Camilla Sutton, Chief FX Strategist at Scotiabank, “with technical studies warning of downside risks the next level of support lies at 1.2300; beyond there the next level of support is the July 2012 low of 1.2043”.
EUR/USD key levels
The pair is now gaining 0.10% at 1.2388 with the initial resistance at 1.2448 (hourly high Nov.6) ahead of 1.2533 (high Nov.6) and then 1.2547 (10-d MA). On the downside, a breach of 1.2364 (low Nov.6) would expose 1.2342 (low Aug.21 2012) and finally 1.2295 (low Aug.20 2012).
EUR/USD weaker despite lower Payrolls
In spite of lower-than-expected Payrolls during October (214K act. vs. 231K exp.), a renewed selling interest is hurting the pair, pushing it to the 1.2370/60 band, or more than 2-year lows. In the data space, next of relevance will be the speeches by Yellen, Tarullo and Evans, preceding the US Consumer Credit Change figures, expected at $15.10 billion in September. In the view of Camilla Sutton, Chief FX Strategist at Scotiabank, “with technical studies warning of downside risks the next level of support lies at 1.2300; beyond there the next level of support is the July 2012 low of 1.2043”.
EUR/USD key levels
The pair is now gaining 0.10% at 1.2388 with the initial resistance at 1.2448 (hourly high Nov.6) ahead of 1.2533 (high Nov.6) and then 1.2547 (10-d MA). On the downside, a breach of 1.2364 (low Nov.6) would expose 1.2342 (low Aug.21 2012) and finally 1.2295 (low Aug.20 2012).