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.

Pablo Piovano FXStreet

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).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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