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The increasing demand for the greenback is now forcing EUR/USD to drop to the area of multi-month lows in the 1.1565/60 band.
EUR/USD in multi-day lows
Spot gathered extra downside pressure on Tuesday following a persistent rebound in the demand for the US Dollar, which lifted the US Dollar Index (DXY) to regain the 95.00 handle and above.
In addition, yields of the US 10-year benchmark are extending the rebound from recent lows in the sub-2.31% area, gaining around 2 bps so far and widening the spread vs. their German peers.
President M.Draghi made opening remarks at the ECB Forum on Banking Supervision, noting that negative rates are undermining bank profitability, although he did not mention monetary policy.
In the meantime, the pair is prolonging the recent breakdown of the ‘neckline’ in the 1.1660/70 band following the ECB meeting in late October, always on the back of renewed and strong pick up in the demand for the buck.
In the data space, EMU’s retail sales for the month of September are due along with speeches by ECB’s V.Constancio, S.Lautenschlager, I.Angeloni and D.Nouy. Across the pond, the IBD/TIPP index is due seconded by JOLTs job openings and the speech by Chief J.Yellen.
EUR/USD levels to watch
At the moment, the pair is down 0.32% at 1.1571 facing the next support at 1.1566 (low Nov.7) seconded by 1.1448 (high Jun.30) and finally 1.1276 (200-day sma). On the upside, a breakout of 1.1647 (10-day sma) would open the door to 1.1692 (high Nov.3) and then 1.1728 (21-day sma). Furthermore, FXStreet’s Technical Confluences Indicator (TCI) is noting an important resistance zone around 1.1630, where converge the 5-day sma, a pivot point and a Fibo retracement.
