EUR/USD has fallen below the previous 2019 low of 1.1027 and is nearing the psychologically critical level of 1.1000. It is trading at the lowest levels since 2017.
Update: The world’s most popular currency pair extends its slide and breaks below 1.1000. At the time of writing, EUR/USD’s new trough is 1.0990.
Below 1.1000, the next support lines are 1.0960, 1.0900, and 1.0810. Initial resistance awaits at 1.1027, followed by 1.1050, and 1.1090.
The euro has been under pressure after euro-zone core inflation figures dropped to 0.9% Yoy and German retail sales plunged by 2.2%. The European Central Bank is set to introduce a significant package of monetary stimulus on September 12th.
US data has been mixed with upbeat personal spending figures and downbeat consumer sentiment. Signs of a US recession are growing – but the greenback remains strong.
Here is how the move looks on the four-hour chart, where the Relative
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More:
- EUR/USD Forecast: Will it fall off the cliff? Disappointing data is pushing it closer
- EUR/USD Technical Analysis: Outlook remains negative while below the support line at 1.1157
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