EUR/USD tumbles near 1.0960 on US data

Pablo Piovano FXStreet

The selling pressure around the European currency has gathered further traction, dragging EUR/USD to print fresh lows in the 1.0960 area.

EUR/USD weaker post-US data, Fedspeak eyed

Spot is challenging weekly lows seen on Monday around 1.0960 after mixed results from the US housing sector showed Building Permits coming in above expectations during September, while Housing Starts have missed initial forecasts during the same period.

Later in the day the Fed will publish its Beige Book, while additional events will include speeches by San Francisco Fed J.Williams (2018 voter, neutral), Philly Fed P.Harker (2017 voter, hawkish) and Dallas Fed R.Kaplan (2017 voter, neutral), all keeping the attention around the buck.

Looking ahead, the ECB meeting is expected to drive the attention back to the euro on Thursday, although expectations of any surprise by the central bank regarding monetary policy remain close to zero.

EUR/USD levels to watch

The pair is now losing 0.09% at 1.0969 with the immediate support at 1.0964 (low Oct.17) followed by 1.0950 (low Jul.27) and finally 1.0909 (low Jun.24). On the other hand, a break above 1.1029 (high Oct.18) would aim for 1.1067 (4-month resistance line) and then 1.1138 (20-day sma).

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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