Search ForexCrunch
  • EUR/USD is trading near weekly lows as the ECB might be getting  ready for more stimulus.
  • ECB’s Rehn: ECB stimulus package may beat expectations, EUR/USD drops toward 1.11
  • The level to beat for sellers is the 1.1094 support.  
 
 

EUR/USD daily chart

 
On the daily time-frame, the common currency is trading in a bear trend below the main daily simple moving averages (DSMAs). Earlier in the New York session, the US Retail Sales Control Group came in better-than-expected at 1% vs. 0.3% in July. The data brought EUR/USD down to 1.1135, but sellers didn’t manage to break the support. However, 1.1135 got broken after the comments from ECB member Olli Rehn. He said the ECB (European Central Bank) stimulus package might beat expectations.

EUR/USD 4-hour chart

 
The Euro is challenging the 1.1094 support. A beak below the level would open the doors to further losses towards and 1.1060 and 1.1042 levels.
 

EUR/USD 30-minute chart

 
The market is under heavy bearish pressure near the daily lows. Immediate resistances are seen at the 1.1106, 1.1117 and 1.1135 levels, according to the Technical Confluences Indicator.  
 
   

Additional key levels