EUR/USD Extends the Drop to 1.1260
The shared currency is prolonging its weekly decline today, now dragging EUR/USD to fresh lows in the 1.1260 region.
EUR/USD focus on EMU, US CPI
Spot
continues to shed ground against the backdrop of a broad-based recovery
of the US dollar, which is already trading in multi-day tops when
measured by the US Dollar Index.
The pair will remain under
pressure ahead in the session, as the final March’s CPI figures in the
euro area are due ahead of key inflation figures in the US economy
tracked by the CPI.
EUR/USD levels to watch
The
pair is now down 0.13% at 1.1260 and a break below 1.1219 (38.2% Fibo
of 1.0820-1.1455) would open the door to 1.1163 (55-day sma) and finally
1.1142 (low Mar.24). On the flip side, the initial hurdle lines up at
1.1313 (23.6% Fibo of 1.0820-1.1455) followed by 1.1454 (2016 high
Apr.7) and then 1.1496 (monthly high Oct.15 2015).
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