EUR/USD resumes bearish slide, hits fresh multi-month lows

Haresh Menghani FXStreet

The EUR/USD pair faded upbeat German IFO-led tepid bullish spike and has now dropped to a fresh multi-month lows during early NA session.

Currently trading around 1.0855 region, the pair's attempted recovery during early European session once again faced rejection just below 1.0900 handle for the second straight session and the pair subsequently dropped to the lowest level since March 9th.

The downslide has gained momentum in the last hour of trading amid renewed US Dollar buying interest as traders now look forward to US economic docket that features the release of Conference Board's consumer confidence index for October. A surprisingly stronger consumer data would further support the prevalent bullish sentiment around the greenback and exert additional selling pressure around the major.

Later during US trading session, ECB President Mario Draghi is scheduled to speak on monetary policy and should trigger a fresh bout of volatility in the FX market, and around the EUR/USD major.

Technical levels to watch

A follow through selling pressure below 1.0850 immediate support would turn the pair vulnerable to accelerate the slide towards 1.0810 support area. On the upside, any recovery attempt might continue to confront strong resistance near 1.0890-1.0900 area, which if cleared might negate the bearish bias and trigger a fresh bout of short-covering rally towards 1.0950-60 region.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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