EUR/USD grinding lower to 1.0720 on US results

Pablo Piovano FXStreet

EUR/USD keeps losing ground albeit at a snail pace today, currently testing the boundaries of the 1.0720 region.

EUR/USD offered post-data

Spot keeps the offered bias intact today following auspicious results from US Factory Orders, expanding at a monthly 2.7% during October while orders excluding the Transportation sector rose 0.8%.

Further data saw the IBD/TIPP Economic Optimism index also surpassing estimates at 54.8, adding to USD buying interest.

The pair’s leg lower stays well and sound today, as sellers keep fading yesterday’s bull run to the 1.0800 neighbourhood, or 3-week peaks.

EUR/USD levels to watch

The pair is now retreating 0.28% at 1.0734 facing the next support at 1.0700 (23.6% of the November drop) followed by 1.0503 (2016 low Dec.5) and finally 1.0457 (2015 low Mar.16). On the flip side, a break above 1.0798 (high Dec.5) would target 1.0815 (38.2% of the November drop) en route to 1.0848 (low Oct.25).

Sell 48%

Buy 52%

Avg Sell Price 1.0753

Avg Buy Price 1.0814

Liquidity Distribution

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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