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EUR/USD drops lower, near 1.1360

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The shared currency has seen its daily downside renewed today, sending EUR/USD back towards the 1.1360 area, or session lows.

    EUR/USD now focus on US docket

    The pair has abandoned the area of last week’s YTD highs in the 1.1440 area, coming down to test current daily lows around 1.1360 on a resurgence of the bid tone in the US dollar.

    In the data space, lower-than-expected Sentix index and Producer Prices in the euro area have collaborated with the downbeat sentiment, while ECB’s Praet said low inflation could extend in time with the consequent negative impact on the economy.

    Across the pond, Fed’s Labor Market Conditions Index is due later followed by February’s Factory Orders and the speech by Boston Fed E.Rosengren.

    EUR/USD levels to watch

    The pair is now down 0.25% at 1.1361 and a break below 1.1291 (23.6% Fibo of 1.0820-1.1437) would target 1.1235 (20-day sma) en route to 1.1142 (low Mar.24). On the other hand, the initial hurdle aligns at 1.1437 (2016 high Apr.1) ahead of 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015).
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