EUR/USD dips further below 1.13 post-German data

Pablo Piovano FXStreet

The single currency is now extending its daily decline below the 1.1300 handle vs. the dollar, with EUR/USD hovering over the 1.1290 area.

EUR/USD cautious ahead of Yellen

Spot is retreating for the second session in a row today, coming down from yesterday’s tops in the vicinity of 1.1360, against the backdrop of a better sentiment surrounding the greenback and rising cautiousness in light of Yellen’s speech at Jackson Hole on Friday.

On the data front, German GDP figures showed the economy has expanded as expected during the second quarter, up 0.4% QoQ and 3.1% on an annualized basis.

Across the pond, US Existing Home Sales and the weekly report on crude oil inventories by the EIA are due.

EUR/USD levels to watch

The pair is now losing 0.14% at 1.1290 and a breach of 1.1263 (50% Fibo of the May-June down move) would target 1.1231 (2014-2016 support line) and finally 1.1202 (20-day sma). On the other hand, the initial hurdle aligns at 1.1357 (high Aug.23) ahead of 1.1434 (high Jun.24) and finally 1.1466 (high Apr.12).

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.

EUR/USD makes a U-turn, focus on 1.1900

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