EUR/USD tumbles to lowest in almost two weeks under 1.1100


  • Euro tumbles after comments from ECB Rehn regarding stimulus package. 
  • EUR/USD hovering around 1.1100, under pressure but off lows. 

The EUR/USD pair dropped quickly from 1.1150 to 1.1090, reaching the lowest intraday level since August 2. From the lows bounced back above 1.1100 but still remains under pressure, on its way to the third daily decline in-a-row. 

Rehn sends Euro lower 

“It’s important that we come up with a significant and impactful policy package,” said Olli Rehn, governor of the central bank of Finland and board member of the European Central Bank, in an interview with the Wall Street Journal, referring to the September policy meeting. 

His comments triggered a decline of the already weak Euro across the board. It extended losses versus the US dollar and the Pound while it erased gains against the Swiss franc and the Yen. 

The decline has been limited probably due to a not so strong US dollar. The greenback gained momentum but only momentarily following the upbeat US retail sales report. But Industrial Production data and trade tensions between the US and China weigh on the greenback. 

EUR/USD challenging 1.1100

The pair is testing the 1.1100/10 support area. A consolidation below could clear the way for a slide to the next strong support seen at 1.1060. If the decline continues, the next level to watch is the 2019 low at 1.1026. 

On the upside, the euro needs to regain levels on top of 1.114/50 to alleviate the bearish pressure. Above resistance levels are located at 1.1155 and 1.1180. 

EUR/USD

Overview
Today last price 1.1108
Today Daily Change -0.0030
Today Daily Change % -0.27
Today daily open 1.1138
 
Trends
Daily SMA20 1.1168
Daily SMA50 1.1236
Daily SMA100 1.1223
Daily SMA200 1.1294
Levels
Previous Daily High 1.1192
Previous Daily Low 1.1131
Previous Weekly High 1.1251
Previous Weekly Low 1.1104
Previous Monthly High 1.1373
Previous Monthly Low 1.106
Daily Fibonacci 38.2% 1.1154
Daily Fibonacci 61.8% 1.1168
Daily Pivot Point S1 1.1116
Daily Pivot Point S2 1.1092
Daily Pivot Point S3 1.1054
Daily Pivot Point R1 1.1176
Daily Pivot Point R2 1.1214
Daily Pivot Point R3 1.1238

 

 

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