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EUR/USD Sep. 9 – Continuing to deteriorate on USD

EUR/USD  is trading under 1.29, continuing the downfall. The pair reached a low of 1.2865. The latest leg down can be associated with another  strength of the greenback, that reached high levels against many other currencies. The JOLTS figure  in the US will be eyed by the Fed.

Here’s a quick update on technicals, fundamentals and sentiment moving the pair.

  • Asian session: The pair continued sliding and bounced off a new low of 1.2865. Analysis:  Is EUR/USD  oversold?
  • Current range:  1.28655 to 1.2920.

Further levels in both directions:

EURUSD September 9 2014 technical analysis fundamental outlook for euro dollar trading

  • Below: 1.2865, 1.2840, 1.28 and 1.2750.
  • Above: 1.2920, 1.2955,  1.30, 1.3050, 1.31 and 1.3175.
  • The new low of 1.2920 is minor support on the way to 1.2840.

EUR/USD Fundamentals

  • 6:45  French Trade Balance. Exp. -5 billion. Actual -5.5 billion.
  • 11:30 US  NFIB Small Business Index. Exp. 95.9 points.
  • 14:00 US  JOLTS Job Openings. Exp. 4.72 million.
  • 14:00 US FOMC member  Daniel Tarullo talks.

* All times are GMT.

For more events and lines, see the  Euro to dollar  forecast.

EUR/USD Sentiment

  • Greenback strength: In general, it seems like just another wave of buying the US dollar. Weakness is seen in other parts of the world: the pound tumbled on the latest Scotland polls and the yen suffered a weaker GDP.  The market seems to focus on the strong top-tier US data, and ignore the  weak NFP that showed only 142K jobs were gained.
  • The full Draghi show:  The ECB  first surprised by cutting the interest rate  deeper: 0.05% for the lending rate and -0.20% for the deposit rate. It was surprising given that the deposit rate was already negative. And then came Draghi, announcing the ABS program. Details are expected in October but he made it clear that it will have a “sizable” impact on the balance sheet. This already sent the pair to bounce off 1.30. It continued deteriorating from there – over 200 pips in one day, a treat unseen in a long time.  Here is the full coverage of the ECB.  The steps are still weighing heavily on the euro.
  • No new EU sanctions on Russia for now: The EU agreed on new sanctions against Russia but decided to wait with them. This is good news for the euro, as trade relations with Russia are important to the European economies. Finally some change on the ground:  a ceasefire agreed upon on Friday  is being occasionally violated, but in general it is still on. There is suspicion on all sides, so new sanctions are still on the cards. .

In our latest podcast, we run down the huge ECB decision among other topics.

Download it directly here.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.