EUR/USD Breaks Below 1.12, Session Lows

EUR/USD Breaks Below 1.12, Session Lows

19 May 2016, 14:35
Roberto Jacobs

EUR/USD Breaks Below 1.12, Session Lows

The greenback is extending its rally today, now forcing EUR/USD to break below the critical support at 1.1200.

EUR/USD focus on US releases

Spot is printing fresh 7-week lows in sub-1.1200 levels today as the greenback remains on a firm note, navigating the area of session highs when gauged by the US Dollar Index.

Next on tap for the pair will be US Initial Claims, followed by the regional gauge of the manufacturing sector by the Philly Fed and then the speech by FOMC’s W.Dudley.

EUR/USD levels to watch

The pair is now retreating 0.24% at 1.1189 and a break below 1.1151 (100-day sma) would target 1.1142 (low Mar.24) en route to 1.1101 (200-day sma). On the other hand, the initial hurdle aligns at 1.1291 (55-day sma) followed by 1.1360 (20-day sma) and finally1.1448 (high May 11).


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