EUR/USD weaker, breaches 1.0900 on strong dollar

The demand for the greenback remains on the rise today, with EUR/USD posting fresh daily lows in sub-1.0900 levels.

EUR/USD losing the grip on USD-buying

Spot has quickly faded the initial advance to the mid-1.0900s and has now resumed its bearish note dropping below the 1.0900 handle amidst increasing buying interest around the buck and with US politics keeping the centre stage.

The pair shed more than 4 cents since yesterday’s tops in the 1.1300 neighbourhood, paving the way for a potential visit to October’s low around 1.0850 ahead of the key support area at 1.0820.

Data wise in Europe, French Industrial Production has contracted more than expected during September, while its Italian peer surprised to the upside.

Across the pond, US Initial Claims is due as usual along with the speech by St. Louis Fed J.Bullard (voter, centrist).

EUR/USD levels to watch

The pair is now retreating 0.18% at 1.0890 facing the next support at 1.0850 (low Oct.25) ahead of 1.0820 (low Mar.10) and finally 1.0709 (2016 low Jan.5). On the other hand, a break above 1.1300 (spike Nov.9) would target 1.1367 (high Aug.18) en route to 1.1434 (high Jun.24).

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