Monday, September 21, 2015

EUR/USD turns negative, slips below 1.1300

FXStreet (Edinburgh) - The shared currency is now trading on a weaker tone vs. the dollar, taking EUR/USD back to sub-1.1300 levels.

EUR/USD indifferent to Greece, FOMC still weighs

The offered tone seems to be returning to EUR ahead of the European open, forcing spot to leave the area of overnight tops in the 1.1325/30 band. In the meantime, market participants continue to evaluate the recent decision by the Fed to delay its rates lift-off and its implications for the rest of the broader markets, its central bank peers and the EM space.

In another context, markets have largely bypassed yesterday’s Greek Parliamentary elections, where A.Tsipras’s Syriza has claimed victory over New Democracy. Challenges and previous pledges remain the same however: fiscal consolidation, debt relief, bank recap and systemic corruption amongst the salient issues.

EUR/USD key levels

The pair is retreating 0.07% at 1.1293 with the initial support at 1.1258 (low Sep.15) followed by 1.1214 (low Sep.16) and finally 1.1171 (low Sep.10). On the flip side, a breakout of 1.1328 (high Sep.15) would aim for 1.1373 (high Sep.14) and then 1.1441 (high Sep.17).
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