4 Mar 2015
EUR/USD looking to stabilize around 1.1070
FXStreet (Edinburgh) - The single currency seems to have found support around the 1.1070 neighbourhood on Wednesday, with EUR/USD now attempting to consolidate in recent lows.
EUR/USD in fresh 11-year lows
The selling pressure has grown bigger around the euro, fuelled by a resurgence of the US dollar, which is trading in levels last seen more than a decade ago in terms of the US Dollar Index.
The pair broke down the recent consolidation around 1.1370 seen in the last couple of weeks, despite positive results from the euro area indicators. However, key releases in the US economy also gave extra legs to the dollar as of late, sending spot to sub-1.1100 levels.
EUR/USD levels to consider
As of writing the pair is retreating 0.94% at 1.1070 facing the next support at 1.1.0914 (low Sep.5 2003) followed by 1.0809 (low Sep.4 2003) and finally 1.0762 (low Sep.3 2003). On the flip side, a breakout of 1.1218 (high Mar.3) would expose 1.1245 (high Feb.27) and then 1.1271 (10-d MA).
EUR/USD in fresh 11-year lows
The selling pressure has grown bigger around the euro, fuelled by a resurgence of the US dollar, which is trading in levels last seen more than a decade ago in terms of the US Dollar Index.
The pair broke down the recent consolidation around 1.1370 seen in the last couple of weeks, despite positive results from the euro area indicators. However, key releases in the US economy also gave extra legs to the dollar as of late, sending spot to sub-1.1100 levels.
EUR/USD levels to consider
As of writing the pair is retreating 0.94% at 1.1070 facing the next support at 1.1.0914 (low Sep.5 2003) followed by 1.0809 (low Sep.4 2003) and finally 1.0762 (low Sep.3 2003). On the flip side, a breakout of 1.1218 (high Mar.3) would expose 1.1245 (high Feb.27) and then 1.1271 (10-d MA).