EUR/USD makes marginal new lows after German IFO

By FXstreet.com | Updated August 25, 2014 AAA

FXStreet (Córdoba) - The EUR/USD touched a marginal new low sub-1.3200 at the beginning of the European session after IFO data showed German economy continues to lose strength.



German IFO survey showed current assessment index dropped to 111.1 in August versus 112.0 expected, while business climate fell to 106.3 vs 107 forecasted and expectations index slid to 101.7 vs 102.0.



The EUR/USD edged lower and printed a fresh YTD low of 1.3183 after data and it is currently trading at the 1.3190 zone, recording a 0.36% loss on the day.



The EUR/USD was already under pressure, having left a bearish gap at the weekly opening, following Fed Yellen (hawkish-ish) and ECB Draghi (dovish) comments in Jackson Hole last Friday.



EUR/USD levels to watch



In terms of technical levels, the EUR/USD could find immediate supports at 1.3161 (Sep 9 2013 low), 1.3104 (Sep 6 2013 low) and 1.3100 (psychological level). On the other hand, resistances are seen at 1.3238 (Aug 22 closing price), 1.3295/1.3300 (Aug 22 high/psychological level) and 1.3323 (Aug 20 high).



Related Forex Analysis
  1. Forex News

    Weekly Trading Forecast: Dollar Hits a Record Before the ECB Weighs Further QE

  2. Forex News

    Strategy Video: Don’t Be Lulled by the Comfort of Consensus

  3. Forex News

    Beware Risk Trends as Traders Question Oil Market’s Implications

  4. Forex News

    EUR/USD trading end of November with mixed forward outlook - Scotiabank

  5. Forex News

    ECB: “What does T-LTRO 1 take-up mean?” - Rabobank

Trading Center