EUR/USD Turns Negative Below 1.1400

EUR/USD Turns Negative Below 1.1400

9 May 2016, 11:34
Roberto Jacobs
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EUR/USD Turns Negative Below 1.1400

The single currency is now losing momentum, sending EUR/USD to test lows in the 1.1390/80 band.

EUR/USD lower despite upbeat Sentix

Spot gained further downside pressure despite Investor’s Confidence tracked by the Sentix index in the euro area has surpassed expectations for the current month, coming in at 6.2 vs. 6.1 initially projected.

Collaborating with the offered tone in EUR, European equity markets have opened on a ‘sea of green’ after mixed Payrolls results and wider trade surplus in China during April ($45.5 billion).

Ahed in the NA session, speeches by FOMC’s Evans and Kashkari are due along with the Fed’s Labor Market Conditions Index.

EUR/USD levels to watch

The pair is now losing 0.11 at 1.1391 facing the next support at 1.1357 (20-day sma) followed by 1.1243 (55-day sma) and finally 1.1213 (low Apr.25). On the flip side, a break above 1.1615 (2016 high May 3) would open the door to 1.1713 (high Aug.24 2015) and finally 1.2110 (2015 high Jan.2).


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