EUR/USD touches a low of 1.1538 on the day
Sellers are now aiming for a move to test the September low @ 1.1526. The dollar and the yen are the two main beneficiaries at the start of European trading as risk off tones in equities is helping to keep both currencies underpinned.
The euro is also not helped by comments from Italian lawmakers such as this here. Italian bond yields are once again surging at the start of trading and that is adding further pressure to the euro to begin the trading day.
If the 1.1526 gives way, a test of 1.1500 would be on the cards and once that breaks too expect EUR/USD to head towards a test of the year's lows once again. If Italy's budget worries in October isn't enough to keep the euro pinned down this month, seasonal patterns also suggest that the single currency hasn't fared too well against the greenback historically in this period of time during the year too.
In fact, the euro has fallen against the dollar in October trading during the last four years:
