The selling mood around EUR is now picking up further pace, relegating EUR/USD to give away almost a cent since Wednesday’s peaks near 1.1040.
EUR/USD looks to the ECB for direction
Spot remains on track to test previous lows in the 1.0940 area following a renewed selling pressure hitting the shared currency today, all ahead of the critical ECB meeting due later.
Market expectations of additional easing by the central bank remains on the rise amongst investors, although scepticism over a probable disappointment remains far from over.
EUR/USD levels to watch
The pair is now losing 0.31% at 1.0970 facing the next support at 1.0911 (100-day sma) ahead of 1.0823 (low Mar.2) and then 1.0709 (2016 low Jan.5). On the upside, a breakout of 1.1043 (200-day sma) would expose 1.1101 (50% Fibo of 1.1379-1.0823) and then 1.1166 (38.2% Fibo of 1.1379-1.0823).
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(Market News Provided by FXstreet)