EUR/USD analysis: sellers will try to challenge the 1.1100 figure

Valeria Bednarik FXStreet

EUR/USD Current Price: 1.1146

German data missed expectations, government bond yields fell.
US Durable Goods Orders expected to have bounced in March.

The dollar remained strong, although it struggled to extend its latest gains, amid easing momentum among equities and the absence of US data that could trigger additional demand. The EUR/USD pair, however, extended its decline and nearer the yearly low, as bad news came from Germany. The yield on the 10-year government bond fell below 0.0% this Wednesday, as the IFO survey showed that business sentiment continued deteriorating in April, as the Business Climate Index fell to 99.2 from 99.6 in March. The US didn't publish relevant macroeconomic data, with all eyes in Durable Goods Orders, to be out this Thursday, and the advanced estimate of Q1 GDP next Friday. There are no releases scheduled in the EU in the next 24 hours.

Wall Street struggled to extend its Tuesday's gains amid mixed earnings reports cooling down investors' optimism. Nevertheless, the greenback retained its strength in the last trading session of the day, with the EUR/USD pair collapsing to the current 1.1440 price zone, its lowest since June 2017. From a technical perspective, the pair is poised to extend its slump, as, in the 4 hours chart, not only it extended its decline below all of its moving averages, but technical indicators accelerated their slumps, maintaining strong downward slopes, the Momentum at fresh weekly lows and the RSI entering oversold territory. Bears will try now to push the pair down to 1.1100 and test bulls' determination around the level.

Support levels: 1.1140 1.1100 1.1065

Resistance levels: 1.1200 1.1235 1.1280

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Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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