EUR/USD tumbles to lows near 1.1675, US GDP eyed
After climbing as high as the 1.1730/40 band earlier in the week, EUR/USD has now returned to the 1.1675/70 band, or fresh daily lows.
EUR/USD looks to US data, month-end
The pair is now trading within a narrow range, coming back to sub-1.1700 levels after reaching fresh multi-week peaks in the 1.1730/40 band on Tuesday.
The lack of fresh catalysts other than the renewed selling pressure around the buck seems to have prompted sellers to return to the market and force the pair to give away part of the recent rally of more than 4 cents.
Month-end flows and USD-dynamics appears poised to drive the mood around the spot in the very near term, while the release of another revision of US GDP for the second quarter will be the salient event later in the NA session.
Earlier, German Consumer Climate tracked by GfK came in below estimates at 10.5 for the month of September.
- Spot loses the grip and drops below 1.1700.
- The greenback picks up pace and regains 94.80.
- Another revision of US Q2 GDP next of relevance later today.
EUR/USD levels to watch
At the moment, the pair is losing 0.15% at 1.1679 facing the next support at 1.1614 (55-day SMA) seconded by 1.1568 (10-day SMA) and finally 1.1530 (low Aug.23). On the flip side, a break above 1.1734 (high Aug.28) would target 1.1745 (high Jul.31) en route to 1.1792 (high Jul.9).
** Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. TDFX does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.