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EUR/USD accelerates losses and falls below 1.28

The euro had  its opportunities to recover, but the overwhelming pressure from a  strengthening dollar and weak German data finally  pushes the pair to a new 14 month low. Apart from the weakest business confidence in  15 months, the echoes of the poor TLTRO  operation last week also weigh on the euro. In addition, another poor jobs report from France also contributed to the fall.

EUR/USD slipped to 1.2811, below the previous low seen earlier in the week and late last week and continued downhill. It is in a new 14 month low.

Update: the pair continues grinding lower, biting a few pips at a time and is already below 1.28.

Update: a better than expected new home sales figure in the US pushed the euro even lower.

The round number of 1.28 serves as weak support as the pair broke it and is already be  eyeing the really strong support line of 1.2750 – this held the pair several times in 2013.

Further support awaits at 1.2660, where uptrend support began and was later broken. Resistance awaits at 1.2820, followed by 1.2870.

The dollar is showing strength also against commodity currencies but not so against the pound and the yen. The euro certainly has vulnerabilities of its own.

Here is how the downfall looks on the chart. For more levels, events and analysis, see the EURUSD forecast.

EURUSD Technical analysis September 24 2014 falls below 1 dollar 28 centrs

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.