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13 Apr 2015
EUR/USD dips to lows around 1.0580
FXStreet (Edinburgh) - The single currency is trading on the back footing at the beginning of the week, with EUR/USD visiting daily lows in the 1.0580 area.
EUR/USD weaker on China
Disappointing results from the Chinese external sector have ignited a wave of selling pressure in the risk-associated currencies. The Chinese trade surplus shrunk to $3.1 billion during March, with Exports and Imports contracting 15.0% and 12.7%, respectively.
A very slow start data wise in both Euroland and the US will leave the risk trends and the USD dynamics as the main drivers for price action today.
EUR/USD key levels
The pair is now losing 0.19% at 1.0584 with the next support at 1.0578 (low Apr.13) followed by 1.0551 (low Mar.17) and then 1.0457 (12-year low Mar.16). On the flip side, a breakout of 1.0683 (high Apr.10) would target 1.0788 (high Apr.9) en route to 1.0797 (10-d MA).
EUR/USD weaker on China
Disappointing results from the Chinese external sector have ignited a wave of selling pressure in the risk-associated currencies. The Chinese trade surplus shrunk to $3.1 billion during March, with Exports and Imports contracting 15.0% and 12.7%, respectively.
A very slow start data wise in both Euroland and the US will leave the risk trends and the USD dynamics as the main drivers for price action today.
EUR/USD key levels
The pair is now losing 0.19% at 1.0584 with the next support at 1.0578 (low Apr.13) followed by 1.0551 (low Mar.17) and then 1.0457 (12-year low Mar.16). On the flip side, a breakout of 1.0683 (high Apr.10) would target 1.0788 (high Apr.9) en route to 1.0797 (10-d MA).