EUR/USD Slips Further, Near 1.1420

EUR/USD Slips Further, Near 1.1420

5 May 2016, 13:13
Roberto Jacobs
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EUR/USD Slips Further, Near 1.1420

The bid tone around the dollar is growing bigger during the European morning, relegating EUR/USD to fresh weekly lows in the 1.1430/20 band.

EUR/USD weaker ahead of US releases

The pair is losing ground since Tuesday, extending the pullback since fresh 2016 highs at 1.1615 following a resurgence of the demand for the buck.

Buying interest around USD has been on the rise after the US Dollar Index breached the critical technical support at 92.00 the figure on Tuesday. In addition, yesterday’s auspicious results from the US docket lent further support to the dollar’s upside.

Next on tap, US Initial Claims, Challenger Job Cuts and the speech by St. Louis Fed J.Bullard are due later in the NA session.

EUR/USD levels to watch

The pair is now losing 0.44% at 1.1435 and a break below 1.1359 (20-day sma) would open the door to 1.1226 (55-day sma) and finally 1.1213 (low Apr.25). On the other hand, the initial hurdle lines up at 1.1615 (2016 high May 3) followed by 1.1713 (high Aug.24 2015) and finally 1.2110 (2015 high Jan.2).


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