EUR/USD: New week, new low

13.08.2018 / 01:36

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The new trading week began and we see that the most traded currency pair EUR/USD opened lower, as a result of the last week's sale.

Monday offers a limited economic calendar, leaving markets free to drop, while European traders will track the CPI in Germany (2.1% vs. 2.1%), as well as preliminary GDP data (0.4% forecast at 0.3%), both reports will be Tuesday morning.

Threats from the banking sector in Turkey have forced traders to bet again on the dollar, with the Turkish lira collapsing 42% in 2018 and showing no signs of stopping.

The EUR/USD levels we need to monitor

With the Monday morning gap on the 12-month low at 1.1380, the Asian session is likely to give traders a chance to fill the downside, bringing the pair back to the key technical level of 1.1400. Sales may continue if positive news about Turkish bank exposures does not materialize quickly with the start of the European session.

Trader Aleksandar Kumanov

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EUR/USD: New week, new low

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