EUR/USD slides further below 1.0900, hits fresh multi-month lows

Haresh Menghani FXStreet

Thursday' ECB monetary policy announcement continues to undermine the shared currency, with the EUR/USD pair now extending its slide further below 1.0900 handle.

Currently trading near a fresh seven-month low, around 1.0880-85 region, the pair remained under pressure after Thursday's comments from ECB President Mario Draghi revealed that the central bank has no plans to abruptly end its bond purchase program on reaching the original deadline in March 2017.

Adding to this, the greenback remained underpinned following Thursday's hawkish comments from Federal Reserve New York President William Dudley, which seems to have revived market expectations that the Fed would eventually move towards raising interest rates later this year, and is exerting additional selling pressure around the major.

Hence, traders on Friday will be focusing on a speech from FOMC's Daniel Tarullo, which might provide fresh impetus for the pair during US trading session.

Technical outlook

Valeria Bednarik, Chief Analyst at FXStreet, "technical readings in the 4 hours chart support some further slides, despite technical indicators are in oversold territory, as they maintain their strong bearish momentum, whilst intraday recoveries after breaking through 1.0900, met selling interest in the 1.0910 region, the post Brexit-low. The pair has multiple daily and weekly lows in the 1.0800/40 region, the immediate bearish target on a break below the daily low of 1.0878. A break below 1.0800 seems unlikely, but if it happens, the decline can extend down to 1.0760, although the pair may began correcting quickly from this area."

"A steady recovery above 1.0910, on the other hand, could see the pair correcting higher, up to 1.0950, July's low. Above this last, the advance can extend up to the 1.1000 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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