EUR/USD Drops Further Post-EMU Data
The shared currency is now accelerating its downside, sending EUR/USD to the 1.1260 area.
EUR/USD weaker on EMU CPI, looks to FOMC
Spot has deflated further after final EMU’s CPI figures for the month of
April have matched preliminary readings, with headline consumer prices
contracting at an annual pace of 0.2% and Core prices up 0.7% YoY, a tad
lower than March’s 0.8% gain.
The pair keeps correcting lower after finally breaching the key support
at 1.1300 in early trade, against the backdrop of a broad-based recovery
of the greenback ahead of the FOMC minutes (due later in the European
evening).
EUR/USD levels to watch
The pair is now retreating 0.38% at 1.1270 and a break below 1.1213 (low
Apr.25) would target 1.1148 (100-day sma) en route to 1.1142 (low
Mar.24). On the other hand, the initial hurdle aligns at 1.1366 (20-day
sma) followed by 1.1448 (high May 11) and finally 1.1615 (2016 high May
3).
