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EUR/USD slumped to 1.3153 and continues to head towards September 2013 lows, which is closer to the 1.3100 mark. Momentum is firmly to the downside and traders seem unfazed by the fact the pair is deep in oversold territory right now.
EUR/USD is being hit from both sides of the equation, with Mario Draghi’s dovish comments and disappointing data for the Eurozone keeping the single currency offered. Some analysts now expect the ECB to look at some sort of QE measures as early as next month.
On the USD side of the equation, solid data all round, including durable goods orders, the Richmond manufacturing index and consumer confidence all impressed.
On the economic front, we have the GfK German consumer climate and German import prices readings due out. Any further signs of weakness will only put more pressure on the pair. For now though, the 1.3100 level is firmly in focus.