EUR/USD drops further to 1.0880
|The offered bias around the common currency is now picking up pace, sending EUR/USD to fresh lows in the 1.0885/80 band.
EUR/USD risks a slip towards 1.0850
The pair is extending its decline at the end of the week, quickly breaking below post-Brexit lows around 1.0900 the figure and now looking to challenge the key support region at 1.0820, where sits July’s low.
The solid momentum surrounding the greenback has helped the US Dollar Index to climb to fresh multi-month peaks beyond 98.50, always backed by rising expectations of a Fed move by end 2016.
On the data front, Consumer Confidence in the euro region measured by the European Commission is only due later, while FOMC’s D.Tarullo (permanent voter, hawkish) and San Francisco Fed J.Williams (2018 voter, neutral) are due to speak later in the NA session.
EUR/USD levels to watch
The pair is now losing 0.42% at 1.0882 and a breakdown of 1.0820 (low Mar.10) would target 1.0709 (2016 low Jan.5) en route to 1.0538 (low Dec.3 2015). On the flip side, the initial hurdle aligns at 1.0994 (2014-2016 resistance line) followed by 1.1041 (post-ECB spike Oct.20) and then 1.1070 (4-month resistance line).
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