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15 May 2015
EUR/USD drops to lows near 1.1380
FXStreet (Edinburgh) - The shared currency is trading on the defensive camp vs. the greenback on Friday, with EUR/USD navigating the 1.1385/80 band before the European opening.
EUR/USD focus on US data
It will be a muted session data wise in Euroland today, leaving the US releases as the main drivers for the pair’s price action at the end of the week. Spot has surrendered some of yesterday’s gains, after reaching fresh multi-month tops in the vicinity of 1.1440, although another negative set of poor results from the US economy today could set the course for a test of the critical barrier at 1.1500.
Thursday’s positive US Initial Claims (265K) gave some respite to the beleaguered dollar, which in combination with dovish comments by ECB’s Mario Draghi have weighed on the single currency, prompting sellers to step in around the mid-1.1400s.
EUR/USD levels to consider
At the moment the pair is losing 0.20% at 1.1385 and a break below 1.1341 (low May 14) would aim for 1.1250 (10-d MA) and finally 1.1202 (low May 13). On the flip side, the initial hurdle aligns at 1.1445 (high May 14) ahead of 1.1486 (high Feb.6) and then 1.1500 (psychological level).
EUR/USD focus on US data
It will be a muted session data wise in Euroland today, leaving the US releases as the main drivers for the pair’s price action at the end of the week. Spot has surrendered some of yesterday’s gains, after reaching fresh multi-month tops in the vicinity of 1.1440, although another negative set of poor results from the US economy today could set the course for a test of the critical barrier at 1.1500.
Thursday’s positive US Initial Claims (265K) gave some respite to the beleaguered dollar, which in combination with dovish comments by ECB’s Mario Draghi have weighed on the single currency, prompting sellers to step in around the mid-1.1400s.
EUR/USD levels to consider
At the moment the pair is losing 0.20% at 1.1385 and a break below 1.1341 (low May 14) would aim for 1.1250 (10-d MA) and finally 1.1202 (low May 13). On the flip side, the initial hurdle aligns at 1.1445 (high May 14) ahead of 1.1486 (high Feb.6) and then 1.1500 (psychological level).