EUR/USD Drops to Lows Near 1.1380

EUR/USD Drops to Lows Near 1.1380

11 April 2016, 11:10
Roberto Jacobs
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EUR/USD Drops to Lows Near 1.1380

The single currency has now come under renewed selling pressure, dragging EUR/USD to the area of session lows near 1.1380.

EUR/USD weaker ahead of Fed

Spot has given away recent gains and returned to sub-1.1400 levels at the beginning of the week following a positive start of equity markets in the Old Continent.

Later in the day, market participants will remain wary of the unexpected closed meeting between Fed governors with fund rates on top of the agenda on an otherwise empty calendar in both Euroland and the US.

EUR/USD levels to watch

The pair is now losing 0.11% at 1.1389 facing the next support at 1.1325 (low Apr.6) ahead of 1.1305 (23.6% Fibo of 1.0820-1.1455) and finally 1.1151 (55-day sma). On the other hand, a break above 1.1454 (2016 high Apr.7) would target 1.1496 (monthly high Oct.15 2015) en route to 1.1713 (high Aug.24 2015).


(Market News Provided by FXstreet)

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