Back
15 Apr 2015
EUR/USD drops to lows near 1.0580
FXStreet (Edinburgh) - The single currency is now rapidly depreciating vs. the greenback, sending EUR/USD back to the area of 1.0580, or session lows.
EUR/USD focus on the ECB
The pair is back below the 1.0600 handle on Wednesday, coming down from recent peaks just above 1.0700 after poor results in the US docket on Tuesday. Ahead in the day, the ECB meeting will be the main highlight for the pair although its impact on markets should be limited, according to consensus amongst traders. Barring any surprise, the Council is expected to remark the improvements of the credit conditions in the euro area although risks to growth remain tilted to the downside.
In the data space, final CPI figures in Germany matched expectations for the month of March while EMU’s trade surplus came in at €20.3 billion during February.
EUR/USD key levels
The pair is now retreating 0.70% at 1.0579 with the next support at 1.0521 (low Apr.13) would open the door to 1.0457 (2015 low Mar.18) and finally 1.0360 (low Jan.8 2003). On the flip side, a breakout of 1.0708 (high Apr.14) would expose 1.0713 (low Mar.31) and then 1.0763 (10-d MA).
EUR/USD focus on the ECB
The pair is back below the 1.0600 handle on Wednesday, coming down from recent peaks just above 1.0700 after poor results in the US docket on Tuesday. Ahead in the day, the ECB meeting will be the main highlight for the pair although its impact on markets should be limited, according to consensus amongst traders. Barring any surprise, the Council is expected to remark the improvements of the credit conditions in the euro area although risks to growth remain tilted to the downside.
In the data space, final CPI figures in Germany matched expectations for the month of March while EMU’s trade surplus came in at €20.3 billion during February.
EUR/USD key levels
The pair is now retreating 0.70% at 1.0579 with the next support at 1.0521 (low Apr.13) would open the door to 1.0457 (2015 low Mar.18) and finally 1.0360 (low Jan.8 2003). On the flip side, a breakout of 1.0708 (high Apr.14) would expose 1.0713 (low Mar.31) and then 1.0763 (10-d MA).