EUR/USD under pressure, in YTD lows near 1.1660

The pair met sellers in the 1.1730/35 band, daily highs.
The greenback remains on a firm note, close to the 94.00 mark.
US Durable Goods Orders, final U-Mich index next on tap.

Pablo Piovano FXStreet

The selling bias remains well and sound around the European currency at the end of the week, with EUR/USD dropping to fresh multi-month lows in the 1.1670/60 band.

EUR/USD looks to US data, USD

After the failed bullish attempt to the 1.1730 region, spot met some selling orders and is now recording fresh YTD lows in the vicinity of 1.1660.

The bid tone around the buck stays unabated so far this week and takes the US Dollar Index (DXY) to shouting distance from recent multi-month tops around 94.20 recorded earlier in the week. It is worth mentioning that the climb in the buck comes amidst declining yields of the US 10-year note, which are hovering over the 2.96%.

In the data space, German IFO figures failed to ignite any lasting optimism in the shared currency, Business Climate and Business Expectations came in below expectations for the month of April, while Current Assessment met initial estimates.

In the US docket, Durable Goods Orders and the final print of the Consumer Confidence for the current month are due next followed by the speech by Chief J.Powell in Stockholm.

EUR/USD levels to watch

At the moment, the pair is losing 0.44% at 1.1669 and a break below 1.1659 (monthly low Oct. 27 2017) would target 1.1553 (monthly low Nov.7) and finally 1.1500 (psychological level). On the flip side, the initial hurdle lines up at 1.1786 (10-day sma) seconded by 1.1829 (high May 22) and finally 1.1879 (21-day sma).

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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