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23 Jan 2015
EUR/USD keeps falling, near 1.1220
FXStreet (Edinburgh) - The EUR sell off continues unabated on Friday, now sending EUR/USD to fresh lows in the vicinity of 1.1220.
EUR/USD on its way to 1.1200?
Spot remains on track to test the next psychological support at 1.1200 the figure, still under the sedative effects of the recently announced QE programme by the European Central Bank. Auspicious manufacturing/services PMI in the euro bloc were not sufficient to spark any intent of recovery in the pair, which mainly remains at the mercy of the USD dynamics while markets keeps digesting ECB’s quantitative easing.
Christin Tuxen, Senior Analyst at Danske Bank, assessed, “We still see potential for a rebound in EUR/USD later in the year however; not so much driven by relative rates, but a euro recovery and equities performing”.
EUR/USD key levels
At the moment the pair is losing 1.21% at 1.1223 with the next support at 1.1212 (61.8% of 0.8228-1.6040) followed by 1.1200 (psychological level) and then 1.1135 (low Sep.12 2003). On the flip side, a breakout of 1.1376 (high Jan.23) would expose 1.1393 (hourly high Jan.22) and then 1.1432 (hourly high Jan.22).
EUR/USD on its way to 1.1200?
Spot remains on track to test the next psychological support at 1.1200 the figure, still under the sedative effects of the recently announced QE programme by the European Central Bank. Auspicious manufacturing/services PMI in the euro bloc were not sufficient to spark any intent of recovery in the pair, which mainly remains at the mercy of the USD dynamics while markets keeps digesting ECB’s quantitative easing.
Christin Tuxen, Senior Analyst at Danske Bank, assessed, “We still see potential for a rebound in EUR/USD later in the year however; not so much driven by relative rates, but a euro recovery and equities performing”.
EUR/USD key levels
At the moment the pair is losing 1.21% at 1.1223 with the next support at 1.1212 (61.8% of 0.8228-1.6040) followed by 1.1200 (psychological level) and then 1.1135 (low Sep.12 2003). On the flip side, a breakout of 1.1376 (high Jan.23) would expose 1.1393 (hourly high Jan.22) and then 1.1432 (hourly high Jan.22).