EURUSD Slumps to May 2017 Lows
EURUSD is trading 0.61% lower at 1.0989 as the pair breached the YTD lows 1.1026 that gave bears the upper hand and accelerated the downward move making fresh 2-year lows at 1.0984. On the data front US Personal Income (month over month) registered at 0.1%, missing forecasts of 0.3% in July. The Personal Consumption Expenditures – Price Index (year over year) came in unchanged at 1.4% for July. The US Personal Spending came in at 0.6% topping expectations of 0.5% in July. United States Michigan Consumer Sentiment Index registered at 89.8, below forecasts of 92.1 in August. The Chicago Purchasing Managers’ Index came in at 50.4, topping expectations if 47.5 in August.
Bears are in full control as the pair breached the year today lows and trades below all the major daily moving averages. Important support now stands at 1.0922 the low from May 15th 2017 and then at 1.09 psychological figure which if breached will encourage more bears to join the action and drive the price down to 1.0838 low from May 11th 2017.
On the upside, immediate resistance stands at 1.1059 today’s high and then at 1.1078 the 100-hour moving average, a break above can lead prices up to 1.11.