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EUR/USD Support Under Heavy Pressure, Eyes a Gap Lower Down

EUR/USD Support Under Heavy Pressure, Eyes a Gap Lower Down

2019-09-26 09:30:00
Nick Cawley, Strategist
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EUR/USD Price Charts and Analysis:

  • EUR/USD moving lower as US dollar strength accelerates the move.
  • ECB board member leaves, questions over fresh bond purchases.

Q3 2019 EUR and USD Forecasts and Top Trading Opportunities

EUR/USD Price Testing Support

EUR/USD is continuing its move lower and is nearing support based off the recent double-lows around 1.0925 made earlier this month. There are likely to be stop-losses set at, or just below, this level with volatility expected to rise as we near a break.

ECB board member Sabine Lautenschlaeger unexpectedly left her role on the central bank’s six-member executive board on Wednesday, two-years before the end of her eight-year term. While there has been no official reason put forward for her resignation, Lautenschlaeger has previously questioned the ECB’s ultra-loose monetary policy and the latest round of quantitative easing recently announced by ECB President Mario Draghi may have been the straw that broke the camel’s back. Lautenschlaeger is the third German ECB board member to have resigned in the last decade after Axel Weber and Jurgen Stark left the central bank in 2011. Any sudden movement in a central bank’s board make-up weighs on its respective currency.

EUR/USD Price Slumps as German PMI Data Points to Recession.

The daily EUR/USD chart highlights the weakness in the pair, aided in part by the strength of the US dollar that remains well bid in the market. Support off the 1.0925 double-low is coming under renewed pressure and a firm break and close below will open an old gap on the weekly chart between the April 17 high at 1.0777 and the April 24 low at 1.0821. A break and close below would open a further move lower to the January 2017 low at 1.0340. The CCI indicator is flashing an extreme oversold warning which may stem the sell-off in the short-term.

EURSUD Price Daily Chart (January – September 26, 2019)

EUR/USD Support Under Heavy Pressure, Eyes a Gap Lower Down

The IG Client Sentiment Indicator shows retail traders are 72.0% net-long of EURUSD, a bearish contrarian bias.

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on the Euro – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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