EUR/USD crashes below 1.1300 on weak data, Draghi dovishness

EUR/USD falls below 1.1300. French and German PMI's badly disappointed. ECB President Draghi stressed downside risks on Thursday. Markets are concerned about Chinese growth. 

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Slow economic growth still the main drag for the common currency

The EUR/USD pair seesawed between gains and losses throughout the week, finishing it up around the 1.1400 level. For a sixth consecutive week, the pair has been unable to find a certain direction, trapped between a more dovish Fed and slowing growth and political turmoil in the EU.



Yohay Elam

EUR/USD remains in the same old range after Draghi's dovish twist, but the technical picture has turned against it.

The Technical Confluences Indicator shows that euro/dollar faces an uphill battle around 1.1367 with the Bollinger Band 1h-Middle, the Simple Moving Average 100-1h, the SMA 5-4h, the SMA 100-15m, the SMA 200-4h, the BB one-day-Middle, the BB 15 min Upper, the Fibonacci 38.2% one-day, the SMA 10-15m, and quite a few additional technical lines.

If the pair manages to overcome that hurdle, it faces fierce resistance at 1.1400 which is the confluence of the potent Fibonacci 38.2% one-month, the previous one-day high, the Pivot Point one-day Resistance 1, the Fibonacci 23.6% one-week, and the BB 4h-Upper.

Looking down, EUR/USD has some support at 1.1314 where we see the previous weekly low and the Bollinger Band 4h-Lower.

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