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13 Mar 2015
EUR/USD intensifies the downside to 1.0500
FXStreet (Edinburgh) - The single currency is now rapidly losing the grip vs. its American counterpart on Friday, dragging EUR/USD to another test of the 1.0500 handle.
EUR/USD lower on USD bid tone
Spot is now losing over 1% and is challenging the 1.05 neighbourhood despite the Reuters/Michigan index, which measures the US investor confidence, missed estimates in its preliminary reading for the current month, dropping to 91.2 vs. 95.5 expected and February’s 95.4.
The greenback has resumed its underlying upside bias today after yesterday’s deep sell off, recovering the upper-99.00s in terms of the US Dollar Index.
Data wise in the US economy, producer prices during February and the preliminary March print of the Michigan/Reuters index disappointed markets coming in below expectations.
EUR/USD levels to consider
The pair is retreating 1.03% at 1.0525 and a breakdown of 1.0504 (low Mar.13) would target 1.0494 (12-year low Mar.12) en route to 1.0335 (2003 low Jan.2). On the flip side, the initial up-barrier lines up at 1.0683 (high Mar.12) followed by 1.0718 (high Mar.11) and finally 1.0855 (high Mar.10).
EUR/USD lower on USD bid tone
Spot is now losing over 1% and is challenging the 1.05 neighbourhood despite the Reuters/Michigan index, which measures the US investor confidence, missed estimates in its preliminary reading for the current month, dropping to 91.2 vs. 95.5 expected and February’s 95.4.
The greenback has resumed its underlying upside bias today after yesterday’s deep sell off, recovering the upper-99.00s in terms of the US Dollar Index.
Data wise in the US economy, producer prices during February and the preliminary March print of the Michigan/Reuters index disappointed markets coming in below expectations.
EUR/USD levels to consider
The pair is retreating 1.03% at 1.0525 and a breakdown of 1.0504 (low Mar.13) would target 1.0494 (12-year low Mar.12) en route to 1.0335 (2003 low Jan.2). On the flip side, the initial up-barrier lines up at 1.0683 (high Mar.12) followed by 1.0718 (high Mar.11) and finally 1.0855 (high Mar.10).