EUR/USD collapses to 1.1440, fresh YTD lows

  • The pair tumbles to the 1.1440 region, levels last seen in July 2017.
  • The greenback approaches the key 96.00 handle, also in 2018 highs.
  • US inflation figures tracked by the CPI in centre stage later today.

A bout of selling pressure is hitting the single currency and forcing EUR/USD to recede to levels last seen in July 2017 around the 1.1440 region.

EUR/USD looks to US CPI, Turkey

A wave of selling orders is now hitting the European currency, with stops being quickly triggered after spot broke below the critical support at 1.1500 the figure.

An story run by the Financial Times appears to be hitting EUR, as the newspaper said the European Central bank is worried on EU banks’ exposure to Turkey in light of the collapse of the Turkish Lira.

The FT cites Spain’s BBVA, Italy’s Unicredit and France’s BNP Paribas ‘as particularly exposed’ due to their relevant operations in the country.

In the meantime, the pair navigates levels last traded in the summer 2017, finding some interim support in the 1.1440 region. In the data space, US inflation figures gauges by the CPI will be the salient release later in the NA session.

EUR/USD levels to watch

At the moment, the pair is down 0.56% at 1.1463 facing the next support at 1.1438 (2018 low Aug.10) seconded by 1.1373 (low Jul.13 2017) and then 1.1312 (low Jul.5 2017). On the upside, a breakout of 1.1595 (10-day SMA) would aim for 1.1639 (21-day sma) and finally 1.1745 (high Jul.30).

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.