EUR/USD under pressure near 1.0560

Pablo Piovano FXStreet

The selling mood around the single currency stays unabated so far today, sending EUR/USD to session lows in the 1.0560 area.

EUR/USD offered post-US data

The pair came under renewed selling pressure during the first half of the week, shedding around a cent since yesterday’s tops in the mid-1.0600s as the greenback seems to have recovered some appeal.

USD stays well underpinned by rising expectations of a Fed move on March 15. According to Reuters, the probability of a 25 bp rate hike next week is above 85%, with US yields also reflecting the upbeat sentiment and lending extra legs to the buck.

On the data front, US trade deficit widened to $48.5 billion in January from $44.3 billion. In Euroland, German Factory Orders contracted more than forecasted during January and EMU’s GDP showed the economy of the region has expanded 0.4% inter-quarter in the October-December period.

EUR/USD levels to watch

At the moment the pair is losing 0.14% at 1.0567 and a breakdown of 1.0499 (low Mar.3) would target 1.0492 (low Mar.2/Feb.22) en route to 1.0452 (low Jan.11). On the other hand, the next resistance is located at 1.0643 (high Mar.6) followed by 1.0647 (short term resistance line) and finally 1.0670 (100-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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