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News

EUR/USD remains on the defensive near 1.1000
The selling bias around the European currency stays well and sound so far on Monday, with EUR/USD navigating the low-1.10s amidst some moderate recove | 14/10/2019 14:55
- EUR/USD fades the earlier spike to 1.1040/45.
- Monday’s correction tracks the better tone in USD.
- EMU’s Industrial Production expanded 0.6% MoM in August.
The selling bias around the European currency stays well and sound so far on Monday, with EUR/USD navigating the low-1.10s amidst some moderate recovery in the buck.
EUR/USD holds on above 1.10
The pair is seen some profit taking after three consecutive daily advances, all amidst the broader nearly-2-cents recovery from YTD lows in the 1.0880 recorded at the beginning of the month.
EUR is losing some shine today as market participants continue to digest the recently clinched partial trade deal between the US and China in the Washington talks. However, a high degree of scepticism still lingers over investors regarding how sustainable such a deal will be in the near future, not to mention President Trump’s volatile mood regarding the subject.
In the euro docket today, Industrial Production in the broader Euroland expanded more than expected at a monthly 0.6% during August, although it contracted nearly 3.0% from a year earlier. Nothing to be cheerful about here, as the sector continues to underperform amidst the generalized multi-sector deceleration affecting the bloc.
What to look for around EUR
The pair met strong resistance in the mid-1.10s, where sits the key 55-day SMA, sparking some profit taking and the ongoing retracement to the vicinity of the 1.10 support. The corrective upside, however, remains well in place for the time being and supported by the improved mood in the riskier assets and a weak Dollar. Looking at the broader picture, the relentless slowdown in the region does nothing but justify the ‘looser for longer’ monetary stance by the ECB and the bearish view on the single currency in the longer run. On another front, potential US tariffs on imports of EU cars remain well on the table, while the Brexit limbo and UK politics could also maintain gains somewhat limited.
EUR/USD levels to watch
At the moment, the pair is retreating 0.09% at 1.1025 and a breakdown of 1.0983 (21-day SMA) would target 1.0879 (2019 low Oct.1) en route to 1.0839 (monthly low May 11 2017). On the flip side, the next barrier emerges at 1.1051 (55-day SMA) seconded by 1.1062 (monthly high Oct.11) and finally 1.1109 (monthly high Sep.13).
Popular News
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EUR/USD is under mild-pressure, critical support seen at 1.2060
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Canada BoC Consumer Price Index Core (MoM) registered at -0.4%, below expectations (-0.2%) in December
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Canada BoC Consumer Price Index Core (YoY) registered at 1.5% above expectations (1.2%) in December
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Canada Consumer Price Index (YoY) registered at 0.7%, below expectations (1%) in December
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Canada Consumer Price Index (MoM) came in at -0.2% below forecasts (0%) in December
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GBP/USD retreats from multi-year tops, still well bid above mid-1.3600s
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Gold Price Analysis: False break of the $1819 uptrend allows for XAU/USD recovery – Commerzbank
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EUR/USD Price Analysis: The 55-day SMA near 1.2050 offers support… for now
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US Dollar Index Price Analysis: Upside target remains at 91.00
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Bank of Japan Preview: Forecast from seven major banks
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ECB Preview: Lagarde may try to talk down the euro providing a buy-the-dip opportunity
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GBP/JPY Price Analysis: Hits the highest level since September 2020, around 142.35
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United States MBA Mortgage Applications declined to -1.9% in January 15 from previous 16.7%
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Silver Price Analysis: XAG/USD to recover towards the 27.97 recent high – Commerzbank
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EUR/USD to prolong the corrective phase while below 1.2231 – Credit Suisse
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Malaysia: Government reallocates extra assistance – UOB
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Portugal Current Account Balance fell from previous €-1.823B to €-1.926B in November
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Germany 30-y Bond Auction rose from previous -0.2% to -0.13%
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USD/JPY to turn bullish on a break above 104.40
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China: GDP surpassed expectations in Q4 – UOB
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Breaking: GBP/USD soars above 1.37, hits highest since 2018
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