EUR/USD looks vulnerable below 1.1500

The pair trades in fresh lows around 1.1480 on Thursday.
The greenback climbs further and flirts with 95.80.
Attention on Brexit and the EU Leaders Summit.

Pablo Piovano FXStreet

The selling pressure around the European currency gathers further traction in the second half of the week while EUR/USD is testing fresh lows in sub-1.1500 levels.

EUR/USD looks to Summit, data

The pair is down for the third session in a row so far on Thursday amidst a moderate pick up in the demand for the greenback, which continues to extend the recovery when tracked by the US Dollar Index (DXY).

Spot came under renewed selling pressure following the FOMC minutes published on Wednesday, where the Committee appears committed to hike rates until the ‘neutral’ rate is reached. In the same line, members showed no sign that their opinions could have been influenced by recent critiques from President Trump.

Also in the limelight today will be the 2-day EU Leaders Summit, where Brexit should take centre stage.

Data wise today and apart of the EU Summit, the Philly Fed index will be the salient release seconded by Initial Claims and speeches by FOMC’s R.Quarles and J.Bullard.

EUR/USD levels to watch

At the moment, the pair is losing 0.06% at 1.1495 and a break below 1.1482 (low Oct.18) would aim for 1.1432 (low Oct.9) and finally 1.1323 (200-week SMA). On the other hand, the next up barrier emerges at 1.1582 (55-day SMA) seconded by 1.1595 (21-day SMA) and then 1.1623 (high Oct.16).

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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