Home EUR/USD slips below 1.06 on good enough US news
Forex News Today: Daily Trading News

EUR/USD slips below 1.06 on good enough US news

“Good enough” is all the US dollar needs. An OK result in new home sales ended a very minor sale of greenbacks and it challenged the next levels.

For EUR/USD, this is enough to send it to the next level. We are getting closer to the next 12 year lows.

Existing home sales dropped, and even more than expected, to 5.36 million (annualized). Nothing exciting, but good enough. In the euro-zone, data actually came out better than expected earlier in the day, with PMIs looking upbeat, especially in Germany.

Nevertheless, this is the result. The low so far is 1.0590 as the pair still  establishes itself on lower ground. Further support appears at 1.0530, which was a low back in April, 7 months ago.

The 12 year low is 1.0460 and it’s not that far. It was seen in March, just after the successful implementation of QE by the ECB.

Will EUR/USD be seen by year end as Goldman says? Anything is  possible, but we could also see a fake move below 1.0460 only to see a bounce.

EURUSD lower November 23 2015

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.