EUR/USD tumbles further, scope for a test of 1.1800

The offered bias around the shared currency remains intact.
USD trades in fresh YTD peaks above the 93.00 handle.
US JOLTs Job Openings came in above estimates, Trump comes next.

Pablo Piovano FXStreet

The greenback keeps marching north on Tuesday and is now relegating EUR/USD to trade in the 1.1840 region, levels last seen in late December.

EUR/USD now looks to Trump

The pair is prolonging its leg lower amidst the increasing buying pressure around the buck, which in turn motivated the US Dollar Index (DXY) to clinch fresh YTD peaks in levels beyond 93.00 the figure.

Data wise in Euroland, German Industrial Production figures and the trade surplus have surprised to the upside, although market participants largely ignored the data. In the US, JOLTs Job Openings posted a record high at 6.55 million in March, adding to USD upbeat mood.

Later in the session, President Trump will grab all the attention when he decides whether to pull the US out of the Iran nuclear deal in play since 2015.

EUR/USD levels to watch

At the moment, the pair is losing 0.65% at 1.1846 and a break below 1.1838 (2018 low May 8) would open the door to 1.1768 (78.6% Fibo of November-February up move) and finally 1.1718 (monthly low Dec.12 2017). On the other hand, the next upside barrier aligns at 1.2019 (200-day sma) seconded 1.2021 (10-day sma) and finally 1.2153 (low Mar.1).

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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