EUR/USD extends losses below 1.1140

By FXStreet The shared currency is depreciating further vs. the greenback today, now sending EUR/USD to test session lows in the mid-1.1100s.

EUR/USD offered post-Draghi

The pair found further selling pressure after President M.Draghi has reiterated once again that the Council could re-assess the current monetary policy stance at its next meeting in March. It is worth mentioning that market speculations are already building up around another rate cut in the deposit rates.

Regarding positioning, speculative net shorts in EUR are at the lowest level since last October, at 63314 contracts according to the CFTC report on February 9.

EUR/USD levels to watch

The pair is now retreating 1.03% at 1.1138 and a breach of 1.1084 (low Feb.8) would target 1.1062 (20-day sma) and finally 1.1025 (200-day sma). On the flip side, the next up barrier lines up at 1.1378 (high Feb.11) ahead of 1.1460 (monthly high Sep.18) and then 1.1496 (monthly high Oct.15).
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Source:: FX Street