EUR/USD Losing Altitude, Breaches 1.1200

EUR/USD Losing Altitude, Breaches 1.1200

23 March 2016, 08:55
Roberto Jacobs

EUR/USD Losing Altitude, Breaches 1.1200

The offered tone is now picking up pace around the single currency, dragging EUR/USD to test sub-1.1200 levels, or session lows.

EUR/USD extends the downside

The pair is retreating for the fourth straight session so far, coming down from last week’s tops near 1.1340 and re-visiting the area of 1.1180 as effects of yesterday’s attacks in Brussels seem to still linger over market sentiment. Additionally, news has confirmed that the Toulouse airport has been evacuated due to unknown reasons, adding to the generalized unease.

Nothing relevant data wise in the euro area today, whereas US New Home Sales and the EIA’s weekly report on crude oil inventories are due later across the pond.

EUR/USD levels to watch

The pair is now retreating 0.27% at 1.1185 facing the next support at 1.1123 (38.2% Fibo of 1.0709-1.1378) ahead of 1.1078 (20-day sma) and finally 1.1042 (200-day sma). On the flip side, a break above 1.1344 (high Mar.17) would target 1.1378 (2016 high Feb.11) en route to 1.1496 (monthly high Oct.15 2015).

(Market News Provided by FXstreet)

Share it with friends: