The selling pressure is now gaining extra ground around the European currency, dragging EUR/USD to fresh daily lows in the 1.1840 region.
EUR/USD offered on upbeat US PPI
The greenback picked up extra pace after initial claims and producer prices surprised investors to the upside.
In fact, initial claims rose 243K WoW, taking the 4-week average to 257.50K from 267.00K. in addition, producer prices rose at a monthly 0.4% during last month and 2.6% over the last twelve months. Furthermore, core producer prices rose 0.4% inter-month and 2.2% YoY, both prints coming in above forecasts.
Looking ahead, President M.Draghi and board member P.Praet are due to speak later, as well as FOMC’s permanent voters L.Brainard and J.Powell.
EUR/USD levels to watch
At the moment, the pair is losing 0.07% at 1.1850 and a break below 1.1841 (low Oct.12) would target 1.1767 (10-day sma) en route to 1.1686 (low Oct.6). On the other hand, the initial resistance aligns at 1.1911 (high Aug.2) followed by 1.2033 (high Sep.20) and finally 1.2094 (2017 high Sep.8).
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