EUR/USD weaker, tumbles further near 1.1150

Pablo Piovano FXStreet

The bearish tone around the common currency remains intact on Tuesday, with EUR/USD now flirting with daily lows near 1.1150.

EUR/USD breaks below 200-day sma

The pair has quickly broke below the critical 200-day sma at 1.1165 during the European morning in response to a persistent demand for the greenback, which has lifted the US Dollar Index to fresh tops above the 96.00 limestone.

News from the ECB notes board member P.Praet said that extra signs of banking weakness have emerged since the beginning of the year following different episodes of financial markets turbulence. In that regard, shares of the German benchmark Deutsche Bank are extending the recovery today, up nearly 1% around 11.65%, while Monte Dei Paschi Di Siena is shedding around 1.5% at 0.1805.

Later in the NA session, IBD/TIPP Economic Optimism index is only due across the pond, ahead of the API report on US crude stockpiles.

EUR/USD levels to watch

The pair is now losing 0.48% at 1.1157 facing the immediate support at 1.1103 (2014-2016 support line) ahead of 1.1043 (low Aug.5) and finally 1.0994 (7-month support line). On the flip side, a break above 1.1270 (resistance line off 2016 high) would target 1.1279 (high Sep.26) en route to 1.1329 (high Sep.8).

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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