EUR/USD prints fresh lows in the 1.1350 region ahead of German data

The pair remains weak and puts 1.1350 to the test.
The greenback approaches YTD tops near the 97.00 handle.
German advanced CPI figures next on tap in Euroland.

Pablo Piovano FXStreet

Sellers remain in control around EUR/USD so far on Tuesday, which is now testing fresh weekly lows in the 1.1350/45 band.

EUR/USD now looks to German data

The pair remains well on the defensive and is navigating the lower bound of the recent range, slowly approaching last week’s 2-month low at 1.1332.

Uncertainty around Italian and German politics has joined the poor prints from Italian and EMU GDP figures published earlier today, both coming in below expectations for the July-September period.

In addition, German jobless rate stayed put at 5.1% in October although the Unemployment Change dropped by 11K, less than forecasted.

Moving forward, the shared currency should remain under pressure in light of the release of flash German CPI figures for the current month and US Consumer Confidence by the Conference Board.

EUR/USD levels to watch

At the moment, the pair is down 0.21% at 1.1348 and a break below 1.1334 (low Oct.26) would target 1.1316 (200-week SMA) en route to 1.1299 (2018 low Aug.15). On the flip side, the immediate hurdle aligns at 1.1431 (10-day SMA) seconded by 1.1485 (21-day SMA) and finally 1.1550 (high Oct.22).

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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