EUR/USD Falls Further…1.1230 on the Cards?
The European currency is now accelerating its decline, dragging EUR/USD to test fresh weekly lows in the 1.1260 region.
EUR/USD weaker on USD-bids
EUR is prolonging its offered tone sparked yesterday following President Draghi’s press conference, coming down from a brief test of the 1.1400 limestone to test current lows near 1.1260 today.
The re-emergence of some support for the greenback is prompting the US Dollar Index to clinch its third session with gains so far, weighing on the USD-denominated assets and keeping the door open for a deeper retracement in the pair.
Ahead in the NA session, flash Markit’s manufacturing PMI is only due later in the NA session. Previously in Euroland, mixed advanced PMIs have failed to lend support to the shared currency.
EUR/USD levels to watch
The pair is now losing 0.15% at 1.1271 and a break below 1.1232 (low Apr.14) would aim for 1.1195 (55-day sma) and finally 1.1142 (low Mar.24). On the flip side, the immediate hurdle aligns at 1.1399 (high Apr.21) ahead of 1.1466 (2016 high Apr.12) and then 1.1496 (monthly high Oct.15 2015).