8 Jan 2015
EUR/USD positioned to retest lows
FXStreet (London) - EUR/USD is currently down 0.21% on the day at 1.1814, having slightly recovered from a near test of the multi year low at 1.1801.
The dip came following a collapse in German Factory Orders data, which registered at -2.4% against forecasts of -0.7% MoM, perhaps reflecting an unintended consequence of Russian sanctions. Sentiment is bearish, with the FXStreet Trend Index currently bearish.
Ahead we have EU PPI and Retail Sales at 10 GMT, and with spot tentatively close to the 1.1800 level, traders should perhaps keep an eye out for any shock data which could be used as a cue for an extended push lower. Daily RSI is at 19 and slightly straightening deep in oversold territory after an extended plunge.
EUR/USD Levels
Immediate support can be found around 1.1800, and S3 at 1.1792. Resistance above can be seen at the daily pivot at 1.1815 and R1 at 1.1826.
The dip came following a collapse in German Factory Orders data, which registered at -2.4% against forecasts of -0.7% MoM, perhaps reflecting an unintended consequence of Russian sanctions. Sentiment is bearish, with the FXStreet Trend Index currently bearish.
Ahead we have EU PPI and Retail Sales at 10 GMT, and with spot tentatively close to the 1.1800 level, traders should perhaps keep an eye out for any shock data which could be used as a cue for an extended push lower. Daily RSI is at 19 and slightly straightening deep in oversold territory after an extended plunge.
EUR/USD Levels
Immediate support can be found around 1.1800, and S3 at 1.1792. Resistance above can be seen at the daily pivot at 1.1815 and R1 at 1.1826.