EUR/USD approaches July’s lows

EUR/USD found buyers at the 1.0955 area and managed to recover a few pips after hitting 12-week lows during the New York session.

EUR/USD bottomed out at 1.0954, just a few pips ahead of July’s lows (1.0951), but remains vulnerable ahead of the European Central Bank decision on Thursday. Even though, no changes on policy are expected investors will be paying attention to Draghi’s wording following rumours of a possible QE early taper.Later in the day the Fed will publish its Beige Book. 

EUR/USD technical levels

At time of writing, EUR/USD is trading at 1.0963, 0.14% below its opening price. In terms of technical levels, immediate supports are seen at 1.0951 (Jul 25 low), 1.0911 (Jun 24 low) and 1.0821 (Mar 10 low). On the flip side, resistances line up at 1.1025 (Oct 18 high), 1.1067 (Oct 12 high), 1.1141 (Oct 11 high) and then 1.1169/73 (100-day SMA/200-day SMA).