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EUR/USD dips to a new 9 month low

Following the significantly stronger than expected ISM Non-Manufacturing PMI in the US, the dollar is strengthening and is finding an already vulnerable euro.

EUR/USD dipped its legs below last week’s lows and the fresh low is 1.3363. Break or bounce?

The next line of support is 1.3325, and it dates back to the  autumn of 2013. The really critical line is 1.3295, which was the November 2013 low.

Euro-zone data has been OK today, but it seems that markets are gearing up towards the rate decision on Thursday, and Mario Draghi’s subsequent press conference.

Here is our Market Movers podcast about it:

Here is how it looks on the chart:

EURUSD new 9 month low August 5 2014

 

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.