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EUR/USD Tanks to Fresh Yearly Low as USD Strength Drives FX

by news dir

EUR/USD USD Talking Points:

We are on the last day of Q3 and in the past week. The US dollar pair has moved significantly. It was after last week that the FOMC priority rate decisions began to change. And as the Fed warns it may raise interest rates sooner than originally planned, The US dollar has started to strengthen. and a week later The issue did not stop.. This morning marks another annual low for EUR/dollar after yesterday’s crash past the 1.1600 grip.

EUR/USD Daily Price Chart: Lowest in the Year

Chart provided by James Stanley; EURUSD on Tradingview

EUR/USD pauses after break

At this point, the pair paused after this week’s breakup. It underlined the short-term pullback potential of the pair. Support above the 1.1700 capture point has been tested several times in the first nine months of this year. and can be reused as resistance, however, on the way up to the zone is another interesting level. It is planned at around 1.1664 as the pair’s lowest swing in August. Pulling back to that price or the larger zone lurking above can open another door for a downtrend strategy in pairs.

under the price movement There is a large support zone that is only 100 pips away where the 1.1500 level is an important psychological level. And these are the same prices that helped maintain their March 2020 highs as the pair jumped wildly due to the coronavirus being priced. Below the level rounded to the Fibonacci level at 1.1448 and these prices combine to form a potential support zone under the current price action spanning from 1.1448-1.1500

To learn more about Fibonacci or mental level, check out DailyFX Education

Daily price chart EUR/USD

Daily price chart EURUSD

Chart provided by James Stanley; EURUSD on Tradingview

— written by James Stanley, senior strategist For DailyFX.com

contact and follow James On Twitter: @JtanleyFX

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