EUR/USD finds support near 1.0850... for the moment

Pablo Piovano FXStreet

The daily downside in EUR/USD seems to have found some support in the 1.0850 area on Tuesday.

EUR/USD remains weak on US data

The renewed and strong buying pressure around the greenback has relegated spot to print fresh multi-month lows around the mid-1.0800s, where it now seems to have found some (temporary?) support.

In the meantime, the US Dollar Index has advanced to fresh 8-month tops just above the 99.00 handle despite US Conference Board reported Consumer Confidence dropped to 98.6 for the month of October.

Later in the European evening, President M.Draghi will give a lecture on ‘Stability, Equity and Monetary Policy’ in Berlin, leaving the attention on the single currency.

EUR/USD levels to watch

The pair is now retreating 0.25% at 1.0853 and a break below 1.0820 (low Mar.10) would target 1.0709 (2016 low Jan.5) en route to 1.0538 (low Dec.3 2015). On the flip side, the next up barrier aligns at 1.0948 (2014-2016 resistance line) followed by 1.1012 (7-month resistance line) and then 1.1041 (post-ECB spike Oct.20).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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