EUR/USD drops to fresh weekly low as DXY spikes to 100.00 mark

Haresh Menghani FXStreet

The EUR/USD pair remained under selling pressure for the third consecutive day and prolonged its rejection move from the very important 200-day SMA strong hurdle touched on Monday.

Currently trading at fresh weekly low, around 1.0735 region, a follow through greenback recovery, with the key US Dollar Index reclaiming the key 100.00 psychological mark, has been the key factor weighing on the major. Overnight optimistic remarks from two Fed officials - Chicago Fed President Charles Evans and Boston Fed President Eric Rosengren (non-voting member), remained supportive of the positive sentiment surrounding the greenback.

This coupled with a Reuters report on Wednesday, which revealed ECB would leave its monetary policy message unchanged and reassure investors that the central bank is not considering a further reduction in its monetary easing efforts, further weighed on the shared currency. The report poured cold water on market expectations that ECB would start raising interest-rates as early as next year and collaborated to the pair's slide to its lowest level since March 21.

Today's economic docket features the release of Prelim German CPI print for March, followed by the final Q4 US GDP growth numbers along with the usual weekly jobless claims data, later during the NA session. Later during the day, speeches from Dallas Fed President Robert Kaplan and San Francisco Fed President John Williams, would influence the US Dollar price-dynamics and provide fresh impetus.

Technical levels to watch

Bears would be eyeing for a break through 1.0720 immediate support, below which the pair is likely to accelerate the slide towards 1.0675 intermediate support en-route 100-day SMA support near 1.0640 region.

On the upside, 1.0765 level (session high) now seems to act as immediate resistance, which if cleared has the potential to lift the pair back beyond the 1.0800 handle towards testing its next hurdle near 1.0820 area.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.0790

60% Bullish
30% Bearish
10% Sideways

Bias Bullish

1 Month

Avg Forecast 1.0645

22% Bullish
50% Bearish
28% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.0542

22% Bullish
67% Bearish
11% Sideways

Bias Bearish

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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