13 Aug 2015
EUR/USD challenging 1.1100 on ECB
FXStreet (Edinburgh) - The shared currency is gathering further downside traction vs. the dollar, dragging EUR/USD to test the critical support at 1.1100.
EUR/USD weaker on ECB, focus on US data
The offered tone is intensifying around the euro following the ECB Accounts, which stressed that the central bank remains ready to act in case of needed. The ECB argued that it is still premature to confirm that inflation expectations are firmly anchored, while the pace of the recovery in the euro area is seen as moderate, abeit ‘disappointing’ in the longer horizon.
Next of relevance for the pair will be US retail sales and the weekly report on the labour market. Prior surveys expect headline sales to have expanded at a monthly pace of 0.5% during July.
EUR/USD levels to watch
As of writing the pair is losing 0.38% at 1.1115 and a break below 1.1099 (low Aug.13) would target 1.0961 (low Aug.11) en route to 1.0855 (low Aug.7). On the upside, the initial up-barrier aligns at 1.1190 (high Aug.13) ahead of 1.1215 (high Aug.12) and finally 1.1244 (high Jun.30).
EUR/USD weaker on ECB, focus on US data
The offered tone is intensifying around the euro following the ECB Accounts, which stressed that the central bank remains ready to act in case of needed. The ECB argued that it is still premature to confirm that inflation expectations are firmly anchored, while the pace of the recovery in the euro area is seen as moderate, abeit ‘disappointing’ in the longer horizon.
Next of relevance for the pair will be US retail sales and the weekly report on the labour market. Prior surveys expect headline sales to have expanded at a monthly pace of 0.5% during July.
EUR/USD levels to watch
As of writing the pair is losing 0.38% at 1.1115 and a break below 1.1099 (low Aug.13) would target 1.0961 (low Aug.11) en route to 1.0855 (low Aug.7). On the upside, the initial up-barrier aligns at 1.1190 (high Aug.13) ahead of 1.1215 (high Aug.12) and finally 1.1244 (high Jun.30).