EUR USD trading at 3 month low
10/13/2016 10:48:13 AM
EUR/USD pair has now fallen below 1.1000 psychological marks. Presently trading at nearly three-month low level of 1.0990, the pair came under repeated selling pressure as the dollar, as measured by the general USD Index, carry on to gain traction after Wednesday's release of FOMC minutes reaffirmed market expectations of an ultimate Fed rate-hike move before the end of this year.
In technical viewpoint, weakness below 200-day SMA, and a succeeding break below 1.1120 horizontal support, had confirmed a break-down below a short-term descending triangular formation on daily chart and has finally led to the pair's latest leg of downslide since the beginning of this week.
From current levels, the downslide is probable to get expanded towards 1.0960 horizontal support below which the pair might turn at risk to expand its depreciating move more towards Brexit swing lows support near 1.0920 area.
On the upside, recovery back above 1.1000 mark, leading a momentum above 1.1015 persistence, is likely to boost the pair beyond session high persistence near 1.1035 region towards its next persistence near 1.1055 region.