EUR/USD extends the drop to 1.1260

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The shared currency is prolonging its weekly decline today, now dragging EUR/USD to fresh lows in the 1.1260 region.

    EUR/USD focus on EMU, US CPI

    Spot continues to shed ground against the backdrop of a broad-based recovery of the US dollar, which is already trading in multi-day tops when measured by the US Dollar Index.

    The pair will remain under pressure ahead in the session, as the final March’s CPI figures in the euro area are due ahead of key inflation figures in the US economy tracked by the CPI.

    EUR/USD levels to watch

    The pair is now down 0.13% at 1.1260 and a break below 1.1219 (38.2% Fibo of 1.0820-1.1455) would open the door to 1.1163 (55-day sma) and finally 1.1142 (low Mar.24). On the flip side, the initial hurdle lines up at 1.1313 (23.6% Fibo of 1.0820-1.1455) followed by 1.1454 (2016 high Apr.7) and then 1.1496 (monthly high Oct.15 2015).
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