EUR/USD slumps to lows near 1.1350

By FXStreet The shared currency us now trading on a softer note vs. the dollar, dragging EUR/USD to test the area of daily lows in the mid-1.1300s.

EUR/USD weaker on USD recovery

A renewed demand for the greenback has pushed the pair further back from daily highs above the 1.1400 handle posted overnight, prompting investors to think that last week’s tops near 1.1440 could signal some exhaustion of the recent upside.

I the meantime, Services PMIs are due in the euro area ahead of EMU’s Retail Sales for the month of February. Across the pond, Markit’s Services PMI, ISM Non-manufacturing and Trade Balance figures are all coming next, seconded by the API’s report on stockpiles.

EUR/USD levels to watch

The pair is now down 0.27% at 1.1359 and a break below 1.1291 (23.6% Fibo of 1.0820-1.1437) would target 1.1254 (20-day sma) en route to 1.1142 (low Mar.24). On the other hand, the initial hurdle aligns at 1.1437 (2016 high Apr.1) ahead of 1.1496 (monthly high Oct.15 2015) and then 1.1713 (high Aug.24 2015).
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Source:: FX Street