EUR/USD Under Pressure, Testing 1.1350
The shared currency is prolonging its correction lower today, sending EUR/USD to print daily lows in the mid-1.1300s.
EUR/USD focus on FOMC minutes
The
pair is retreating since Monday after clinching fresh 2016 peaks in the
vicinity of 1.1440 (Friday), amidst some sort of renewed buying
interest around the dollar, a pick up in the risk appetite trends and
some profit taking following last week’s rally.
On the data
front, German Industrial Production has contracted less than expected
during February, 0.5% vs. a forecasted drop of 1.8%. Next of relevance
will be the FOMC minutes, to be published during the
European evening. Consensus expects a mixed tone, reflecting the recent
comments by several members.
EUR/USD levels to watch
The
pair is now down 0.20% at 1.1361 and a break below 1.1291 (23.6% Fibo
of 1.0820-1.1437) would target 1.1253 (20-day sma) en route to 1.1142
(low Mar.24). On the other hand, the initial hurdle aligns at 1.1437
(2016 high Apr.1) ahead of 1.1496 (monthly high Oct.15 2015) and then
1.1713 (high Aug.24 2015).
(Market News Provided by FXstreet)
