EUR/USD Keeps Lows Near 1.1370, Awaits EZ Industrial Production
EUR/USD Keeps Lows Near 1.1370, Awaits EZ Industrial Production
The EUR/USD pair is seen consolidating the overnight retreat amid broad based US dollar recovery, heading into the early European trades.
EUR/USD remains below 1.1400
Currently,
EUR/USD trades -0.35% lower at fresh session lows of 1.1366, having met
fresh selling pressure just shy of 1.14 handle. The main currency pair
remains under strong selling pressure this Wednesday on the back of
rising demand for risk currencies such as the US dollar backed by the
risk-on rally in the equities. The USD index now gains +0.16% to 94.17,
at fresh session highs.
Moreover, markets prefer to favour the US
currency ahead of the US retail sales and PP figures lined up for
release later in the NA session. While better than expected Chinese
trade figures also boosted market sentiment, with the traders seeking to
take the yield advantage at the cost of the safe-haven euro.
Looking
ahead, the major awaits the European open for fresh cues on the overall
risk sentient ahead of the Euro zone industrial production data. While
the main market moving events are expected to be the US datasets for
today.
EUR/USD Technical Levels
In
terms of technicals, the pair finds the immediate resistance at
1.1391/1.1400 (Daily high/ round number). A break beyond the last, doors
will open for a test of 1.1449/65 (daily R1/2016 high). On the flip
side, the immediate support is placed at 1.1320/1.1300 (20-DMA/ key
support) below which at 1.1280/79 (daily S2/ Mar 30 Low) could be
tested.
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