EUR/USD challenges 1.13 ahead of US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The common currency remains on the defensive today, with EUR/USD coming down to test the 1.1300 key support.

    EUR/USD weaker ahead of US data

    Spot extends its downside pressure today, currently trading in multi-day lows near 1.1300 the figure and around the 20-day sma at 1.1311, all against the backdrop of rising risk-on sentiment following Chinese trade balance figures.

    Ahead in the day, USD will take centre stage in light of US Retail Sales, expected to have gained 0.1% inter-month during March. Previously, Industrial Production in the euro area ha contracted more than expected 0.8% MoM during February, reverting the previous 1.9% advance.

    EUR/USD levels to watch

    The pair is now losing 0.61% at 1.1313 and a break below 1.1300 (psychological level) would expose 1.1219 (38.2% Fibo of 1.0820-1.1465) and finally 1.1158 (55-day sma). On the other hand, the next hurdle lines up at 1.1465 (2016 high Apr.12) followed by 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015).
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