EUR/USD Selling Intensifies to 1.1170, Yellen Eyed

EUR/USD Selling Intensifies to 1.1170, Yellen Eyed

29 March 2016, 11:06
Roberto Jacobs
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EUR/USD Selling Intensifies to 1.1170, Yellen Eyed

The offered tone around the shared currency is now picking up pace, dragging EUR/USD to daily lows in the 1.1170 area.

EUR/USD weaker ahead of EMU data, Yellen

Spot has come under renewed selling pressure following a recovery of the greenback after yesterday’s sell-off. In addition, a risk-on bias is boosting European equities, collaborating with the downbeat sentiment around EUR.

On the data front EMU’s M3 Money Supply has expanded at an annualized 5.0, matching estimates. Across the pond, Yellen’s speech will take centre stage, with consensus expecting a cautious tone.

EUR/USD levels to watch

The pair is now retreating 0.16% at 1.1179 facing the next support at 1.1143 (20-day sma) ahead of 1.1082 (50% Fibo of 1.0820-1.1344) and finally 1.1039 (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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