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EUR/USD Oct. 10 – Struggling After Pessimistic IMF Report

EUR/USD  remains under pressure after yesterday’s  (Oct. 9th) sharp drop. There was  more bad news for the euro, but this time from an unexpected source. The IMF  published a report in which  it reduced  its forecast for  global economic growth, and  sounded  the alarm over a possible breakup of the Euro-zone.  The euro is also under pressure over market uncertainty as to whether Spain will request a bailout and as tough negotiations continue between Greece and international creditors. In economic news, Industrial Production numbers in both France and Italy were well above the estimate.

Here’s an update about technical lines, fundamental indicators and sentiment regarding EUR/USD.

EUR/USD Technical

  • Asian session: Euro/dollar was steady after sharp losses earlier on Tuesday. The pair is unchanged in the European session.
  • Current range: 1.2814 to 1.2900.

Further levels in both directions:    

  • Below: 1.2814, 1.2750, 1.2670, 1.2624, 1.2587, 1.2520 and 1.2460.
  • Above: 1.29, 1.2960, 1.30, 1.3060, 1.3105, 1.32, 1.3290, 1.34, 1.3437, 1.3480 and 1.3540.
  • 1.29 is currently  on the upside as the pair has weakened.
  • 1.2814 is the next line of support.

Euro/dollar  under pressure after pessimistic IMF report- click on the graph to enlarge.

EUR/USD Fundamentals

  • 00:30 US FOMC Member Janet Yellen Speaks in Tokyo.
  • 6:00 German WPI. Exp. 0.4%. Actual 1.3%.
  • 6:45 French Industrial Production. Exp. -0.2%. Actual +1.5%.
  • 8:00  Italian Industrial Production. Exp. -0.5%. Actual +1.7%.
  • 14:00 US Wholesale Inventories. Exp. +0.5%.
  • 17:00 US 10-year Bond Auction.
  • 18:00 US Beige Book.
  • 20:30 US FOMC Member Daniel Tarullo Speaks.
For more events and lines, see the Euro to dollar forecast

EUR/USD Sentiment

Kenny Fisher

Kenny Fisher

Kenny Fisher - Senior Writer A native of Toronto, Canada, Kenneth worked for seven years in the marketing and trading departments at Bendix, a foreign exchange company in Toronto. Kenneth is also a lawyer, and has extensive experience as an editor and writer.