EUR/USD drops to lows near 1.1060, focus shifts to FOMC
Wednesday, 20 November 2019 16:04 WIB | CURRENCIES |EUR/USD

The single currency is now under renewed downside pressure and drags EUR/USD to fresh 2-day lows in the 1.1060 region.

EUR/USD weaker on trade concerns, looks to FOMC

The pair is interrupting a 4-day positive streak on Wednesday in response to the pick-up in the demand for the greenback, increasing risk off sentiment and the broad-based decline in bond yields both in the US and in the Old Continent.

In the meantime, another failed attempt to break above the 1.1080/90 band has motivated sellers to return to the markets and collaborate with the ongoing knee-jerk.

In the docket, German Producer Prices missed consensus earlier in the day after contracting at a monthly 0.2% during October and 0.6% from a year earlier. Later in the day, the FOMC are expected to grab all the attention.

What to look for around EUR

Spot met strong resistance in the 1.1080/90 band for the time being while it keeps looking to USD-dynamics and headlines from the US-China trade front for direction. On the macro view, the outlook in Euroland remains fragile and does nothing but justify the ˜looser for longer™ monetary stance by the ECB and the bearish view on the single currency in the medium term at least. In this regard, all the looks will be upon the release of November™s preliminary PMIs later in the week.

EUR/USD levels to watch

At the moment, the pair is losing 0.17% at 1.1059 and a breach of 1.0989 (monthly low Nov.14) would target 1.0925 (low Sep.3) en route to 1.0879 (2019 low Oct.1). On the upside, the initial barrier emerges at 1.1089 (high Nov.18) followed by 1.1174 (200-day SMA) and finally 1.1179 (monthly high Oct.21).

Source: FXstreet

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Mata uang tunggal sekarang berada di bawah pembaruan tekanan sisi bawah dan menyeret EUR/USD ke terendah baru 2-hari di wilayah 1,1060.

EUR/USD melemah karena kekhawatiran perdagangan, mengamati FOMC

Pasangan ini menyela gerakan positif 4-hari berturut-turutnya pada hari Rabu dalam menanggapi kenaikan permintaan greenback, meningkatnya sentimen risk-off dan penurunan berbasis luas dalam yield obligasi AS dan Benua Lama.

Sementara itu, kegagalan lainnya untuk menembus di atas band 1,1080/90 telah memotivasi penjual untuk kembali ke pasar dan berkolaborasi dengan gerakan spontan yang sedang berlangsung.

Dalam kalender ekonomi, Harga Produsen Jerman meleset dari konsensus pada hari ini setelah kontraksi 0,2% bulanan selama Oktober dan 0,6% dari tahun sebelumnya. Di hari ke depan, FOMC akan menarik semua perhatian.

Apa yang harus diamati di sekitar EUR

Spot bertemu resisten kuat di band 1,1080/90 untuk saat ini sementara spot terus mengamati dinamika USD dan berita dari sisi perdagangan AS-China untuk mencari arah. Pada pandangan makro, prospek di Euroland tetap rapuh dan tidak melakukan apa pun selain membenarkan sikap moneter 'lebih longgar untuk waktu yang lebih lama' oleh ECB dan pandangan bearish pada mata uang tunggal setidaknya dalam jangka menengah. Dalam hal ini, semua perhatian akan tertuju pada publikasi IMP flash untuk bulan berjalan di minggu ini.

Level-level EUR/USD yang harus diperhatikan

Saat ini, pasangan ini turun 0,17% di 1,1059 dan penembusan 1,0989 (terendah bulanan 14 November) akan menargetkan 1,0925 (terendah September) kemudian 1,0879 (terendah 2019 pada 1 Oktober). Untuk sisi atas, penghalang awal muncul di 1,1089 (tertinggi 18 November) diikuti oleh 1,1174 (SMA 200-hari) dan 1,1179 (tertinggi bulanan 21 Oktober).

Sumber: FXstreet

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