EUR/USD Nearing 1.0580 Level
The EUR to USD ratio is sent back to the 1.0580 area, the lowest session level, by the single currency depreciating versus the greenback quickly.
The EUR / USD pair was again under 1.0600 level on Wednesday, after it recently peaked above 1.0700 due to the low US docket results on Tuesday. Later in the day, the spotlights will be on the European Central Bank meeting, even though the influence on the market is expected to be limited, the traders concur. If nothing unexpected happens, the European Council will note the credit condition improvements in the Eurozone, but the risks to growth ration is still on the downside.
The final CPI numbers in Germany met the expectations for March, with the trade surplus of the EMU being recorded at 20.3 billion Euros in February.
The EUR / USD is at 1.0579 value, in a 0.7% retreat getting closer to the 1.0521 support level, recorded on April 13th. This level would make 1.0457, recorded on March 18th (2015 record low), and eventually 1.0360, the low recorded on January 8th 2003, levels achievable. If the pair breaks through the 1.0708 level, recorded on April 14th, this would open the door for the 1.0713 and even the 1.0763 level (10-d MA).