26 Aug 2015
EUR/USD drops further to 1.1450
FXStreet (Edinburgh) - The single currency is losing further ground vs. the greenback on Wednesday, pushing EUR/USD to test session lows in the mid-1.1400s.
EUR/USD upside limited around 1.1560
The offered tone around EUR is picking up pace in the European midday, extending the pair’s correction lower after hitting daily highs in the 1.1560 region in early trade. Spot is trading lower following the decision of the PBoC to pump almost $22 billion into the financial system via SLO, in order to revitalize further the domestic economy.
Next of relevance in the pair will be US Durable Goods Orders, preceding the speech by Fed’s W.Dudley. Market consensus sees orders to have contracted at a monthly pace of 0.4% during July.
EUR/USD key levels
At the moment the pair is retreating 0.48% at 1.1459 with the next support at 1.1450 (low Aug.26) followed by 1.1396 (low Aug.25) and finally 1.1240 (low Aug.21). On the flip side, a breakout of 1.1562 (high Aug.26) would target 1.1714 (high Aug.24) en route to 1.1786 (high Jan.15).
EUR/USD upside limited around 1.1560
The offered tone around EUR is picking up pace in the European midday, extending the pair’s correction lower after hitting daily highs in the 1.1560 region in early trade. Spot is trading lower following the decision of the PBoC to pump almost $22 billion into the financial system via SLO, in order to revitalize further the domestic economy.
Next of relevance in the pair will be US Durable Goods Orders, preceding the speech by Fed’s W.Dudley. Market consensus sees orders to have contracted at a monthly pace of 0.4% during July.
EUR/USD key levels
At the moment the pair is retreating 0.48% at 1.1459 with the next support at 1.1450 (low Aug.26) followed by 1.1396 (low Aug.25) and finally 1.1240 (low Aug.21). On the flip side, a breakout of 1.1562 (high Aug.26) would target 1.1714 (high Aug.24) en route to 1.1786 (high Jan.15).