EUR/USD losing altitude, challenges 1.1100

By FXStreet The common currency is now facing further selling pressure, relegating EUR/USD to trade in the lower bound of the range near 1.1100 the figure.

EUR/USD gains limited around 1.1220

Spot is prolonging it daily correction lower after being rejected from post-ECB peaks in the 1.1220 area, all against the backdrop of some profit taking and a resurgence of the risk-on trade.

Adding to the daily decline, the dollar keeps recovering ground after yesterday’s deep retracement. On the data front, German final February CPI figures have come in as expected although market participants have largely ignored the data.

EUR/USD levels to watch

The pair is now losing 0.64% at 1.1107 facing the next support at 1.1044 (200-day sma) ahead of 1.0985 (55-day sma) and then 1.0820 (post-ECB low Mar.10). On the upside, a breakout of 1.1218 (post-ECB high Mar.10) would expose 1.1339 (high Fe.9) and then 1.1379 (2016 high Feb.11).
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Source:: FX Street