EUR/USD tumbles to lows near 1.1760

8 June, 2018

The pair prints fresh daily lows in the 1.1760 region. The greenback picks up pace and pushed DXY to 93.60/65. German Industrial Production, trade surplus missed expectations.

The selling bias appears to have re-emerged around the European currency at the end of the week and is now dragging EUR/USD to the 1.1760 area, or new session lows.

EUR/USD weaker on USD-buying


After a persistent decline since the start of the week, the greenback appears to have recovered the smile today and is now forcing the pair to recede from recent multi-day peaks beyond 1.1800 the figure to the current 1.1770/60 band.

Shrinking risk-on sentiment among traders in combination with lower yields in German Bunds are weighing on the shared currency, while trade concerns and the imminent G-7 meeting in Canada seems to have underpinning the bid mood around the buck.

Data wise in Euroland, earlier results in the German economy noted Industrial Production contracted more than expected in April, while the trade surplus shrunk beyond estimates during the same period.

EUR/USD levels to watch


At the moment, the pair is losing 0.25% at 1.1769 and a break below 1.1747 (21-day sma) would target 1.1718 (low dec.12 2017) en route to 1.1695 (10-day sma). On the flip side, the next hurdle is located at 1.1840 (high Jun.7) followed by 1.1854 (38.2% Fibo of 1.2413-1.1508) and finally 1.1998 (high May 14).


Source   Presented by HYCM
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