EUR/USD Turns Negative Near 1.1200

EUR/USD Turns Negative Near 1.1200

23 May 2016, 10:24
Roberto Jacobs
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EUR/USD Turns Negative Near 1.1200

The single currency has lost its initial smile, now dragging EUR/USD to post session lows in the 1.1210 area.

EUR/USD lower post-PMIs

Spot’s recovery run out of steam around overnight peaks near 1.1240, retracing the advance to the current low-1.1200s following mixed results from flash PMI prints in the euro area.

In fact, while German manufacturing PMI has come in above estimates, EMU’s print has missed expectations for the current month, accelerating the down move in the pair and opening the door for a potential re-test of the 1.1200 mark.

Ahead in the session, the greenback will remain in centre stage in light of speeches by St. Louis Fed J.Bullard (voter) and San Francisco Fed J.Williams (non-voter).

EUR/USD levels to watch

The pair is now losing 0.12% at 1.1210 and a break below 1.1178 (low May 19) would target 1.1163 (100-day sma) en route to 1.1142 (low Mar.24). On the other hand, the initial hurdle aligns at 1.1302 (55-day sma) followed by 1.1351 (20-day sma) and finally1.1448 (high May 11).


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