FXStreet (Edinburgh) – The selling mood is picking up pace around the single currency on Tuesday, sending EUR/USD to test lows in the 1.0730 area.
EUR/USD weaker on USD-bids
The greenback remains firm during the first half of the week, confining the pair to the low-1.07s and somewhat capping the occasional bullish attempts around the 1.08 handle so far.
Nothing relevant in terms of releases in Euroland, while BuBa’s J.Weidmann has reiterated his concerns over the risks of an extended looser monetary policy in the region.
EUR/USD levels to watch
As of writing the pair is down 0.16% at 1.0738 and a break below 1.0706 (low Nov.6) would open the door to 1.0600 (psychological level) and finally 1.0519 (low Apr.13). On the flip side, the next resistance lines up at 1.0969 (downtrend from 1.1496) ahead of 1.0988 (76.4% Fibo of 1.1496-1.0706) and then 1.1092 (200-day sma).
(Market News Provided by FXstreet)