EUR/USD Weaker, Drops to 1.1350

EUR/USD Weaker, Drops to 1.1350

13 April 2016, 08:20
Roberto Jacobs

EUR/USD Weaker, Drops to 1.1350

The common currency is now losing the grip vs. the greenback, sending EUR/USD to the lower end of the range in the mid-1.1300s.

EUR/USD lower on USD bids, China

Positive results from Chinese trade balance figures have given extra legs to the risk-on sentiment during the Asian session today, prompting sellers to return to the markets and push spot lower.

In addition, the greenback seems to have managed to revert the recent weakness, collaborating with the pair’s correction lower from yesterday’s fresh 2016 tops around 1.1460.

Data wise today, ECB’s E.Nowotny is due to speak ahead of EMU’s Industrial Production during February, while Retail Sales and the EIA’s weekly report on crude inventories will take centre stage across the Atlantic.

EUR/USD levels to watch

The pair is now losing 0.44% at 1.1358 and a break below 1.1325 (low Apr.6) would expose 1.1313 (20-day sma) and finally 1.1219 (38.2% Fibo of 1.0820-1.1465). On the other hand, the next hurdle lines up at 1.1465 (2016 high Apr.12) followed by 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015).

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