EUR/USD Sets New 2021 Lows

  • EURUSD
    (${instrument.percentChange}%)

EUR/USD

The pair has clearly been having a very bad month, with Fed/ECB monetary policy divergence being a key driver, registering today new 2021 lows.

November is the fourth losing month and the current week is the third losing one, as the Euro seems unable to muster the strength needed for a recovery. Today marks the eleventh day of this month during which it posted new lows for the year and the fourth straight day of such a record.

At this stage, there does not seem to be any ray of sunshine for the common currency, since last week ended below the 61.8% Fibonacci of the "2020 Low/2021 High" advance, which has opened the door for bigger losses towards the 76.4% level at 1.1040.


Past Performance: Past Performance is not an indicator of future results.

Looking at shorter time-frames, sellers try to breach the 1.1184 level, with the next support provided by 1.1099.

The move looks overextended and another recovery effort towards the EMA100 on the Hourly chart (1.1275-90) could be likely, but clear break above it is required, to offer the pair some respite.

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Past Performance: Past Performance is not an indicator of future results.

The next leg of the move could be determined by today's data deluge form the US, while caution is needed around volatility/liquidity conditions due to the upcoming US Thanksgiving Holiday.

Nikos Tzabouras

Senior Market Specialist

Nikos Tzabouras is a graduate of the Department of International & European Economic Studies at the Athens University of Economics and Business. He has a long time presence at FXCM, as he joined the company in 2011. He has served from multiple positions, but specializes in financial market analysis and commentary.

With his educational background in international relations, he emphasizes not only on Technical Analysis but also in Fundamental Analysis and Geopolitics – which have been having increasing impact on financial markets. He has longtime experience in market analysis and as a host of educational trading courses via online and in-person sessions and conferences.

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