EUR/USD slides to 50% Fibo as Stoxx 50 rises 1.4%

By FXStreet The offered tone around EUR/USD gathered pace following European opening bell, pushing it lower to 1.1115 (50% of 1.1714-1.0517) levels.

Risk-on weighs over EUR

Risk-on sentiment across Europe remained intact as investors ignored weak China data released over the weekend. The pan European Euro Stoxx 50 index currently trades 1.40% higher on the day. Consequently, the funding currency EUR ran into offers and currency trades 0.285% lower on the day around 1.1115 levels.

The economic calendar in Europe is light, with just EZ industrial production due for release. Across the pond, no data is due for release, which means the spot remains at the mercy of the equity market sentiment.

EUR/USD Technical Levels

The immediate support is seen at 1.11-1.1091 (5-DMA), under which the spot could drift lower to 1.1048 (38.2% of 1.0517-1.1376), which if taken out would expose 1.10 handle. On the other hand, a break above resistance at 1.1173 (23.6% of 1.5017-1.1376) would expose 1.1218 (Mar 10 high) and finally 1.1245 (Feb 5 high).
For more information, read our latest forex news. …read more

Source:: FX Street