EUR/USD eyes 1.1900 on weak US PPI

9 May, 2018

The pair gains extra ground on lower-than-expected US PPI. The greenback drops to lows in sub-93.00 levels. US Producer Prices surprised to the downside in April.

The correction lower in the buck remains well and sound on Wednesday and is now allowing EUR/USD to move closer to the 1.1900 handle, or session peaks.

EUR/USD higher on USD-selling

The pair is edging higher today following the renewed softer tone around the greenback.

In fact, seems USD-sellers have stepped in today in response to the strong rebound in the buck in recent weeks, which managed to retake the 93.00 handle and above, area last visited in December 2017.

Adding to today’s offered bias in USD, US Producer Prices rose less than expected during April at an annualized 2.6% and 0.1% inter-month. Core prices rose 0.2% on a monthly basis and 2.3% over the last twelve months.

EUR/USD levels to watch

At the moment, the pair is gaining 0.10% at 1.1877 facing the next hurdle at 1.1984 (10-day sma) seconded 1.2018 (200-day sma) and finally 1.2153 (low Mar.1). On the downside, a break below 1.1823 (2018 low May 8) would open the door to 1.1768 (78.6% Fibo of November-February up move) and finally 1.1718 (monthly low Dec.12 2017).


Source   Presented by HYCM
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