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8 Jan 2015
EUR/USD drops to fresh 9-year lows on Downbeat German Factory Orders
FXStreet (Mumbai) - The single currency dived deeper against the US dollar in the early European morning, after factory orders in Germany deteriorated in November.
Currently, the EUR/USD pair trades at 1.1809 levels, down -0.25% on the day, close to fresh nine year lows hit at 1.1804 levels few minutes ago. EUR/USD fell to fresh nine year lows after data revealed that the factory orders in the euro zone's largest economy decelerated in November, more than market had expected.
Industrial orders in Germany dropped 2.4% in November m/m, as against market expectations of a 0.8% decrease. In October, the revised gauge rose 2.9%.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.19 levels, above which gains could be extended to 1.1969 (Jan 6 High) levels. On the flip side, support is seen at 1.18, below which it could extend losses to 1.1780 levels.
Currently, the EUR/USD pair trades at 1.1809 levels, down -0.25% on the day, close to fresh nine year lows hit at 1.1804 levels few minutes ago. EUR/USD fell to fresh nine year lows after data revealed that the factory orders in the euro zone's largest economy decelerated in November, more than market had expected.
Industrial orders in Germany dropped 2.4% in November m/m, as against market expectations of a 0.8% decrease. In October, the revised gauge rose 2.9%.
EUR/USD Technical Levels
The pair has an immediate resistance at 1.19 levels, above which gains could be extended to 1.1969 (Jan 6 High) levels. On the flip side, support is seen at 1.18, below which it could extend losses to 1.1780 levels.