EUR/USD Slips Further to 1.1160

EUR/USD Slips Further to 1.1160

24 March 2016, 08:42
Roberto Jacobs

EUR/USD Slips Further to 1.1160

The offered tone is now picking up pace around the single currency, dragging EUR/USD to test fresh lows in the 1.1165/60 band.

EUR/USD lower on USD, focus on ECB

The greenback continues its march north unabated for the time being, motivating the pair to give away further gains and to extend the rejection from last week’s tops near 1.1340.

Comments by St. Louis Fed’s J.Bullard on Wednesday have left the door open for a potential rate hike by the Federal Reserve at its meeting in April, adding to the USD rally.

While volatility is expected to get thinner ahead of Maundy Thursday and Good Friday, the greenback is seen taking centre stage via today’s docket with Initial Claims, Durable Goods Orders and Services PMI, all ahead of tomorrow’s Q4 GDP.

Data wise in Euroland, the ECB will publish its Economic Bulletin later today.

EUR/USD levels to watch

The pair is now retreating 0.14% at 1.1164 facing the next support at 1.1123 (38.2% Fibo of 1.0709-1.1378) ahead of 1.1084 (20-day sma) and finally 1.1041 (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)

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