EUR/USD: Euro Breaks Double Bottom Pattern to Hit 10-Month Low at $1.0450

The European currency’s troubles continue as the dollar is fueled by more economic data, high interest rates, and safety-seeking.

• The EURUSD pair tumbled to a fresh ten-month low on Tuesday, hitting $1.0448 – a level unseen since early December last year. The continued weakness in the euro is largely a mix of a languishing domestic economy and hot data coming out of the US, powering the dollar.
• America’s labor market may still be running on overdrive. Tuesday data showed that job openings for August rose more than expected to 9.6 million against a consensus for 8.8 million. The report sparked speculations that Friday’s keenly-watched nonfarm payrolls print might bring another surprise to markets.
• On the technical front, the EUR/USD crossed a long-term double bottom at the $1.0480 mark. With that level taken out, the next support lies at the $1.0440 threshold. The euro has been in a consistent downtrend since mid-July when bulls managed to lift the rate near $1.13.