EUR/USD Tumbles to Lows Near 1.1330, USD Bid

EUR/USD Tumbles to Lows Near 1.1330, USD Bid

20 April 2016, 16:23
Roberto Jacobs

EUR/USD Tumbles to Lows Near 1.1330, USD Bid

The European currency is now rapidly losing the grip vs. the greenback, with EUR/USD slipping towards the 1.1340 area, or daily lows.

EUR/USD lower as USD catches bids

The abrupt rebound of the US dollar from the key 94.00/93.90 area when tracked by the US Dollar Index is now fuelling the quickly reversal in the pair, dropping to the 1.1330 area from the boundaries of 1.1390.

On the US data front, Existing Home Sales have surpassed expectations at 5.33 million during March - or up 5.1% - although traders have practically ignored the results. Next on tap will be the EIA’s report on crude inventories.

EUR/USD levels to watch

The pair is now losing 0.16% at 1.1341 facing the next support at 1.1333 (20-day sma) ahead of 1.1313 (23.6% Fibo of 1.0820-1.1455) and finally 1.1232 (low Apr.14). On the flip side, a break above 1.1454 (2016 high Apr.7) would open the door to 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015).

(Market News Provided by FXstreet)

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