EUR/USD retreats further below 1.1100

Matías Salord FXStreet

The EUR/USD pair dropped further during the American sessions and fell to 1.1067, reaching the lowest level since the Asian session. Currently, the pair is hovering around 1.1075, modestly higher for the day.

EUR/USD outlook

The short-term momentum now favors the US dollar ahead of the Asian session with the price back below the 20-hour moving average after retreating almost 50 pips from day’s high.

The pair is about is about to end the day far from highs, still in positive territory and still above the 20-say moving average and on top of the 1.1050 level; the last two could offer support. According to Valeria Bednarik, Chief Analyst at FXStreet an extension below 1.1050 “could see the pair extending its decline down to 1.1000, but further slide seem unlikely, unless US data surprise to the upside.”

A volatile Friday?

Traders attentions is now set on the Bank of Japan (that in a few hours will announce its decision) but on Friday key economic data from Europe and the US will be released. Eurostat will publish CPI, GDP and unemployment data while in the US, data includes GDP, Chicago PMI and Consumer Confidence.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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