FXStreet (Edinburgh) - The selling pressure is not giving up on the single currency at the beginning of the week, dragging the EUR/USD to put the 1.3200 support to the test.

EUR/USD weaker, much weaker

Spot is following the dovish appreciations by BCE’s Mario Draghi over the weekend, printing fresh ytd lows in levels last seen in mid-September 2013. President Draghi left the door open for further easing in his speech at the Jackson Hole Symposium, taking a toll on the EUR. The German IFO indicator is due next in the euro area, although it will barely be a market mover against the current backdrop of increasing selling interest; in the US economy, the Services/Composite PMI gauged by Markit and New Home Sales will grab all the attention.

EUR/USD key levels

At the moment the pair is losing 0.35% at 1.3195 with the next support at 1.3157 (low Sep.9 2013) followed by 1.3105 (low Sep.6 2013) and finally 1.3089 (low Jul.19 2013). On the flip side, a breakout of 1.3297 (high Aug.22) would aim for 1.3324 (high Aug,20) and then 1.3361 (21-d MA).

You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Video: AUDUSD, GBPUSD and USDJPY Better Trade Options Than EURUSD

  2. Forex News

    Greece Referendum Makes for Big Headlines, Difficult Trading

  3. Forex News

    What to Expect From the Greek Referendum

  4. Forex News

    EUR/USD looks to Greece for direction

  5. Forex News

    EUR/USD awaits steady the Greek referendum

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!