EUR/USD prints fresh lows below 1.09 in late New York


  • EUR/USD sent down to print fresh lows in late trade on Wednesday.
  • Eurozone industrial weakness and a firmer US dollar was the nail in the coffin below 1.09 for the bulls. 

Despite a better risk tone on Wednesday, pertaining to relief that the coronavirus spread is showing signs of slowing down, the euro took a dive o the lowest levels since May 2017. EUR/USD has just printed a fresh low of 1.0865 and has travelled form 1.0925 the high for the day. 

While central banks maintain an easing bias, we have seen relief in markets and the fear of missing out has lead US stocks higher in the US session. The US dollar has taken out the 99 handle in the DXY regardless of the safe-haven spill over drying up and the euro is taking up the punishment in the G10 FX space.

The bears have pushed the barriers today following yet further indication that industrial production had slumped in the eurozone coming in 2.1% MoM in December to leave YoY output down 4.1%. "The data reflect the extreme weakness in the national data at the end of 2019 which was probably exaggerated by US-Sino trade tensions and the intense Brexit uncertainty in Q4," analysts at ANZ Bank explained. 

Weakness was broad-based across member states sends euro lower

"Weakness was broad-based across member states. The monthly drop was the largest decline since February 2016. It was led by a sharp drop in capital goods output which fell 4.0% m/m (- 6.7% y/y). The data need to bounce back in January; if not, alarm bells will be ringing loudly on every floor of the 45 story ECB tower in Frankfurt. The euro extended its weakness as a result," the analysts at ANZ Bank concluded.

EUR/USD levels

EUR/USD

Overview
Today last price 1.0866
Today Daily Change -0.0054
Today Daily Change % -0.49
Today daily open 1.092
 
Trends
Daily SMA20 1.1039
Daily SMA50 1.1093
Daily SMA100 1.1069
Daily SMA200 1.1121
 
Levels
Previous Daily High 1.0925
Previous Daily Low 1.0891
Previous Weekly High 1.1089
Previous Weekly Low 1.0942
Previous Monthly High 1.1225
Previous Monthly Low 1.0992
Daily Fibonacci 38.2% 1.0912
Daily Fibonacci 61.8% 1.0904
Daily Pivot Point S1 1.0899
Daily Pivot Point S2 1.0878
Daily Pivot Point S3 1.0865
Daily Pivot Point R1 1.0933
Daily Pivot Point R2 1.0946
Daily Pivot Point R3 1.0967

 

 

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