EUR/USD Reaching New Record Lows
LiteForex Europe | Mar 10, 2015 08:30AM ET
The single European currency is reaching new record lows, with EUR/USD having fallen to a value of 1.0783 today. As some experts have noted, the fall will probably continue due to the ECB's full-scale program aimed at rescuing the national economy. According to preliminary forecasts, the asset purchase volume will amount to 1.1 trillion euro.
Today there will be a meeting of the EU's finance ministers who will discuss further monetary policy and possible ways to tackle the crisis. It will hardly help the euro to reverse the trend. Additional pressure will be put by statistics for industrial production in France and Italy, as forecasts are quite downbeat.
The nearest resistance level is 1.0864 (1/8 Murray) A level of 0/8 Murray (1.0742) serves as support.
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