Home EUR/USD Oct. 23 – Losing Ground as Spain Suffers Further
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EUR/USD Oct. 23 – Losing Ground as Spain Suffers Further

The EUR/USD  has lost ground, and is testing the  critical 1.30 line.  The markets continue to focus on developments in Spain. PM Mariano Rajoy received a major boost over the weekend as his center-left Popular Party increased its majority in regional of Galicia. The good news was short-lived, however, as Moody’s cut the credit ratings of Catalonia and four other Spanish regions on  Monday. There are no scheduled releases out of the Euro-zone or the US today. There are only a few releases today, but Wednesday promises to be busy, with a host of PMI releases and a statement from the Fed policy-setting meeting.

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

EUR/USD Technical

  • Asian session: Euro/dollar edged higher, and consolidated around 1.3050. The pair has edged higher in the European session.
  • Current range: 1.30 to 1.3060.

Further levels in both directions:    

  • Below: 1.30, 1.2960, 1.29, 1.2814, 1.2750, 1.2670, 1.2624 and 1.2587.
  • Above: 1.3060, 1.3105, 1.3170, 1.3290, 1.34, 1.3437 and 1.3480.
  • The pair is testing 1.30 as it weakens.
  • 1.3060 is the next line on the upside.

Euro/dollar  edges down  following Spanish regions downgraded- click on the graph to enlarge.

EUR/USD Fundamentals

  • 13:00 Belgium NBB Business Climate. Exp. -10.8 points.
  • 14:00 Euro-zone Consumer Confidence. Exp. -26 points.
  • 14:00 US Richmond Manufacturing Index. Exp. +3 points.
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.