A fresh wave of greenback buying interest seems to have emerged during early NA session, dragging the EUR/USD major to fresh session lows near 1.1180-75 band.
The pair ran through some fresh offers on upbeat comments from New York Fed President William Dudley, who downplayed low inflation and showed confidence that the US economic growth would continue for years. The comments reinforced last week's hawkish Fed outlook for the rest of 2017 and lifted the US Dollar across the board.
From a technical perspective, the pair failed to build on Friday's downbeat US housing market data-led up-move and reemergence of fresh selling pressure around 20-day SMA immediate hurdle clearly seems to suggest that the pair's near-term corrective slide could be far from over.
With an empty US economic docket, the pair remains at the mercy of the USD price-dynamics. Meanwhile any news / developments coming out of the Brexit negotiations might also have some influence on the pair's movement later during the NY session.
Technical levels to watch
Valeria Bednarik, Chief Analyst at FXStreet writes, "retracements towards 1.1100 have been seen as buying opportunities, as speculative interest is not ready to buy back the greenback. The immediate resistance comes at 1.1220, the level to surpass to see further gains up to the 1.1260 region first, and 1.1300 later. Supports for today are located at 1.1160, where the first line of buyers will surge, with the next around 1.1110, May 18th low."
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