FXStreet (Edinburgh) - The EUR/USD is putting the 1.3200 critical support to the test on Monday, largely ignoring the poor IFO results and following the dovish appreciations from ECB’s Draghi over the weekend.



“To the delight of the ECB, EUR/USD is probing lows since Sep 2013 and seems on track for substantial further decline multi-week/month… The data week ahead should tend mildly negative for EUR/USD but is overshadowed by the early Sep data flurry, so while retaining a downward bias on the week, we suspect new lows will only be marginal, with 1.3105 support to hold”, observed strategists at Westpac Global Strategy Group.



In addition, Senior Technical Analyst at Commerzbank Axel Rudolph commented the pair “has slipped through the 38.2% Fibonacci retracement of the 2012-14 rise and the last week’s August low at 1.3249/42 and thus nears the September 2012 high at 1.3173 while en route to the 1.3105 September low and the psychological 1.3000 region”.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EUR/USD bounces off lows after US consumer confidence

  2. Forex News

    EUR/USD attempts a rebound from 1.1020

  3. Forex News

    GBP Gains from GDP Report, BoE Rate Hopes - USD to Follow on FOMC?

  4. Forex News

    EUR/USD weaker, drops to 1.1030

  5. Forex News

    EUR/USD unmotivated around 1.1060

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!