The selling pressure around the single currency is growing bigger today, with EUR/USD testing the vicinity of the 1.1000 handle.
EUR/USD focus on EMU, US data
The pair has quickly left the area of 1.1070 – overnight highs – to retreat to the current boundaries of the psychological support at 1.1000 after a bout of risk appetite has sparked in Europe following a positive start of equities.
Spot will remain under pressure ahead in the session, with EMU’s Economic Sentiment due later followed by German flash inflation figures during the current month.
EUR/USD levels to watch
The pair is now losing 0.15% at 1.1007 and a break below 1.0974 (55-day sma) would expose 1.0955 (low Feb.24) and finally 1.0867 (76.4% Fibo of December up-move). On the other hand, the immediate hurdle aligns at 1.1120 (20-day sma) ahead of 1.1220 (23.6% Fibo of December up-move) and then 1.1379 (2016 high Feb.11).
(Market News Provided by FXstreet)
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