EUR/USD Under Pressure Below 1.1400 in Early Europe
The EUR/USD pair keeps pushing lower and now hovers near fresh weekly lows, having failed yet again to sustain above 1.14 handle.
EUR/USD capped below 1.1400
Currently,
EUR/USD trades -0.07% lower at 1.1377, flirting with fresh one-week
lows reached at 1.1371 in the last hour. The shared currency remains
under mild bearish pressure against its American peer as we progress
towards early Europe, with the safe-haven appeal for EUR/USD getting
negatively affected by the persistent risk-on moods, spurred by a touch
better Chinese CPI and PPI data releases.
Moreover, the US dollar
extends its winning streak versus its major competitors for the sixth
straight session this Tuesday, having completely ignored the latest
not-so impressive US employment data. The US dollar index edges +0.8%
higher at 94.22, hovering close to fresh two-week tops printed at 94.25.
Meanwhile,
markets will track the sentiment surrounding the oil and stock markets,
as the focus remains on the Fed speak and another jobs data from the
US.
EUR/USD Technical Levels
In terms
of technicals, the pair finds the immediate resistance at 1.1437/39 (1h
200-SMA/ 10-DMA). A break beyond the last, doors will open for a test of
1.1467/79 (20-DMA/ May 6 High). On the flip side, the immediate support
is placed at 1.1350/33 (psychological levels/ Apr 29 Low) below which
at 1.1300/1.1298 (round number/ 50-DMA) could be tested.