EUR/USD tumbles below 1.12, Deutsche Bank weighs

Pablo Piovano FXStreet

The selling pressure around the common currency is now picking up further pace, dragging EUR/USD well below the 1.1200 handle to test fresh session lows.

EUR/USD weaker on DB slump

Spot met a wave of selling pressure today after stocks from Deutsche Bank have plummeted further into the negative territory, so far losing around 8% after a brief test of record lows around 9.90.

The pair now seems to be paying more attention to the developments around the German benchmark lender, which is retreating for the third consecutive week from September’s tops around 14.00 per share.

Next of relevance in the data space, EMU’s advanced inflation figures are expected to show consumer prices have risen at an annualized 0.4% during September, while Core prices are also seen higher, up 0.9% over the last twelve months.

EUR/USD levels to watch

The pair is now losing 0.30% at 1.1185 facing the immediate support at 1.1161 (200-day sma) followed by 1.1127 (2014-2016 support line) and then 1.1043 (low Aug.5). On the flip side, a break above 1.1271 (resistance line off 2016 high) would target 1.1279 (high Sep.26) en route to 1.1329 (high Sep.8).

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.1234

56% Bullish
44% Bearish
0% Sideways

Bias Bullish

1 Month

Avg Forecast 1.1069

21% Bullish
57% Bearish
21% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.0961

13% Bullish
73% Bearish
13% Sideways

Bias Bearish

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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