EUR/USD is trading at a new low closer to New Year’s Day: 1.2153 is the new level as the pair continues to slip. The latest event is Greece going to the polls, but it’s also part of the ongoing trend, which is certainly a friend of the dollar, but no friend for the euro. More: Is 1.20 Imminent in EUR/USD as Greece votes? – UBS, ANZ Some background EUR/USD has been falling quite constantly since it almost touched 1.40 in early May. Draghi then said that action from the ECB was coming in June. Indeed, the ECB then cut the interest rates, including a historic negative deposit rate and announced additional easing steps. A similar move followed in September, with rates reaching 0.05% for the main lending rate and -0.20% for the negative deposit rate. Despite rates reaching their lower bound and a weaker euro, inflation remained low. Low inflation was exacerbated by a falling oil prices and a slowdown in Europe, with the tensions in Russia partly to blame. In December, Draghi made heaver hints of QE in early 2015 – the ultimate weapon to stimulate growth, employment and inflation while pushing the level of the euro substantially down. Debt crisis returning? The third and final vote in Greece’s presidential elections ended in a failure for the government. This implies elections in the debt struck country as it faces tough negotiations with the troika over the bailout program. And the anti-bailout / anti-austerity SYRIZA party is set to win the elections. This uncertainty sent the Athens stock market plunging, and also weighs on the euro. EUR/USD Levels As the words come out of the keyboard, the pair extends its falls below the 1.2150 line, which support back in 2012. If this break is confirmed, the next level of support is the critical one: the July 2012 low of 1.2042. This is the low point where Draghi offered his “whatever it takes” speech. The obvious level below is 1.20, which is a very round number, last seen in 2010. 1.1876 was the low at that time, May 2010. Even lower, we have the launch level of the pair: 1.17. On the top side, 1.2250 works as resistance. More: EUR/USD To Fall To 1.12 Without QE Or 1.05 With QE – Morgan Stanley EUR/USD To Start Its Descent To 1.15; We Stay Short – BNPP Here is the chart: 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. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next Is 1.20 Imminent in EUR/USD as Greece votes? – UBS, ANZ Yohay Elam 7 years EUR/USD is trading at a new low closer to New Year's Day: 1.2153 is the new level as the pair continues to slip. The latest event is Greece going to the polls, but it's also part of the ongoing trend, which is certainly a friend of the dollar, but no friend for the euro. More: Is 1.20 Imminent in EUR/USD as Greece votes? - UBS, ANZ Some background EUR/USD has been falling quite constantly since it almost touched 1.40 in early May. Draghi then said that action from the ECB was coming in June. Indeed, the ECB then cut the… Top Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.