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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