EUR/USD tumbles to fresh lows near 1.1380 on stronger USD, data

The pair extends the leg lower below the 1.1400 handle.
DXY retakes the 96.00 mark and above, multi-day tops.
German Factory Orders contracted 1.6% in December.

Pablo Piovano FXStreet

The selling bias round the single currency is now picking up pace and dragging EUR/USD to test fresh multi-day lows in the proximity of 1.1380.

EUR/USD weaker on USD-buying, data

The pair is retreating for yet another session on Wednesday, navigating fresh multi-day lows in the 1.1385/80 band on the back of the continuation of the rally in the greenback.

In addition, EUR is suffering another poor print from the German docket. This time, Factory Orders contracted at a monthly 1.6% during December, adding to November’s 0.2% contraction.

Later in the session, Building Permits, Durable Goods Orders and Trade Balance figures are all due across the pond, keeping the buck in centre stage.

What to look for around EUR/USD

The extent and duration of the slowdown in Euroland continues to be in centre stage following recent figures from Q4 GDP in the bloc and the persistent negative streak from German fundamentals. On the political scenario, May’s EU parliamentary elections should start to gather relevance with the days, paying special attention to the potential advance of populism in the region.

EUR/USD levels to watch

At the moment, the pair is losing 0.19% at 1.1383 and a break below 1.1356 (23.6% Fibo of the September-November drop) would target 1.1330 (200-week SMA) en route to 1.1289 (2019 low Jan.24). On the other hand, the next hurdle emerges at 1.1419 (21-day SMA) seconded by 1.1442 (38.2% Fibo of the September-November drop) and finally 1.1514 (high Jan.31).

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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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