EUR/USD Comes Lower to Test 1.1330

EUR/USD Comes Lower to Test 1.1330

13 April 2016, 11:32
Roberto Jacobs

EUR/USD Comes Lower to Test 1.1330

The selling mood around the euro is growing bigger during the European morning, taking EUR/USD to the area of 1.1330, or daily lows.

EUR/USD focus on US data

The pair is prolonging its leg lower after failing to sustain yesterday’s advance to fresh 2016 highs in the vicinity of 1.1470. Increasing risk appetite stemming from auspicious Chinese trade balance figures in March keeps bolstering the prevailing risk-on sentiment and putting spot under further pressure.

In the data space, February’s Industrial Production in the euro region is due later, followed by US Retail Sales, which area expected to have gained 0.1% during March.

EUR/USD levels to watch

The pair is now losing 0.50% at 1.1326 and a break below 1.1312 (20-day sma) would expose 1.1219 (38.2% Fibo of 1.0820-1.1465) and finally 1.1158 (55-day sma). 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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