Home EUR/USD Oct. 11 – Steady as Spain Takes Hit From S&P
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EUR/USD Oct. 11 – Steady as Spain Takes Hit From S&P

EUR/USD remains steady,  despite the news that the S&P  Rating Agency  downgraded Spain’s credit rating to one notch above junk status.  This bad news comes on the heels of    a  report from the IMF, which warned that the Euro-zone is at risk of breaking up if drastic action is not taken  to relieve the debt crisis. 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 its international creditors. The   ECB publishes its monthly bulletin later today, and the markets will be watching two key US releases – Trade Balance and Unemployment Claims.

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

EUR/USD Technical

  • Asian session: Euro/dollar was trading in the 1.2860 range. The pair has edged up in the European session.
  • Current range: 1.2900 to 1.2960.

Further levels in both directions:    

  • Below: 1.29, 1.2814, 1.2750, 1.2670, 1.2624, 1.2587, 1.2520 and 1.2460.
  • Above: 1.2960, 1.30, 1.3060, 1.3105, 1.32, 1.3290, 1.34, 1.3437, 1.3480 and 1.3540.
  • EUR/USD has pushed above 1.29, which  is providing weak support.
  • 1.2960 is the next line of resistance.

Euro/dollar  steady after S&P downgrades Spain- click on the graph to enlarge.

EUR/USD Fundamentals

  • 6:00 German Final CPI. Exp. 0.0%. Actual 0.0%.
  • 6:45 French CPI. Exp. 0.1%. Actual -0.3%.
  • 7:30 US FOMC Member Janet Yellen Speaks.
  • 8:00 ECB Monthly Bulletin.
  • 12:30 US Trade Balance. Exp. -44.1B.
  • 12:30 US Unemployment Claims. Exp. 368K.
  • 12:30 US Import Prices. Exp. +0.7%.
  • 14:00 US FOMC Member Jeremy Stein Speaks.
  • 14:30 US Natural Gas Storage. Exp. 79B.
  • 15:00 US Crude Oil Inventories. Exp. 1.3M.
  • 17:00 US 30-year Bond Auction.
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.