Thursday, November 5, 2015

EUR/USD depressed around 1.0850

FXStreet (Edinburgh) - The common currency keeps its negative bias today, now taking EUR/USD back to the area of 3-month lows in the mid-1.0800s.

EUR/USD weaker ahead of data

Spot is trading a tad lower following the disappointing results from German Factory Orders during September, but its was Yellen’s testimony on Wednesday that triggered further selling sentiment amongst investors. In fact, Yellen has opened the door wider for a Fed’s lift-off next month if data accompany, with probabilities now flirting with the 60%.

More from the data front in Euroland will see EMU’s Retail Sales and another speech by President Draghi, while Initial Claims and speeches by Lockhart and Fischer will be in the limelight across the pond.

EUR/USD levels to watch

As of writing the pair is retreating 0.09% at 1.0849 with the immediate support at 1.0808 (low Jul.20) ahead of 1.0519 (low Apr.13) and finally 1.0456 (2015 low Mar.16). On the other hand, a break above 1.0970 (76.4% Fibo of 1.0808-1.1713) would open the door to 1.1059 (downtrend from 1.1496) and then 1.1101 (200-day sma).
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