A bout of selling pressure is now hitting the single currency and prompting EUR/USD to return to the negative territory around the 1.1000 handle.
EUR/USD capped near 1.1050
The pair has faded the initial spike to the area of 1.1050, where is located the key 200-day sma, and is now challenging the psychological support at 1.1000 in response to a resurgence of USD-buying ahead of the NA open.
In the meantime, EUR is expected to come under further pressure as we get closer to the ECB meeting on Thursday, with speculations – as well as scepticism – on the rise regarding the potential announcement of additional easing measures by the central bank.
EUR/USD levels to watch
The pair is now losing 0.07% at 1.1004 and a breakdown of 1.0978 (55-day sma) would target 1.0913 (100-day sma) en route to 1.0823 (low Mar.2). On the flip side, the next up barrier aligns at 1.1045 (200-day sma) followed by 1.1071 (high Feb.26) and then 1.1123 (38.2% Fibo of 1.1379-1.0709).
(Market News Provided by FXstreet)
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