EUR/USD tumbles further to 1.1170, session lows

The selling bias around the shared currency is now picking up pace, taking EUR/USD to the area of daily lows in the 1.1170 region.

EUR/USD now looks to US data

After climbing as high as the 1.1210 region earlier in the European morning, spot gave away those gains amidst a moderate rebound in the demand for the greenback.

The downside pressure has been increasing against the backdrop of a better tone in yields in the US money markets, where the 10-year benchmark managed to retake the 2.16% level, albeit easing some pips afterwards.

Data wise in Euroland, auspicious results from the German IFO for the month of June failed to ignite a more lasting rebound in the pair while traders will now look to the US data releases and the subsequent speech by President M.Draghi.

In the US docket, May’s durable goods orders will be the only release of note today.

Earlier in the session, NY Fed W.Dudley (permanent voter, hawkish) suggested that the recent easing of financial conditions in the US economy is another reason to tighten the monetary policy further.

EUR/USD levels to watch

At the moment, the pair is retreating 0.17% at 1.1176 and a breakdown of 1.1130 (low Jun.15) would target 1.1108 (low May 30) en route to 1.1073 (76.4% Fibo of 1.1300-1.0339). On the other hand, the next up barrier is located at 1.1208 (high Jun.26) seconded by 1.1296 (2017 high Jun.14) and finally 1.1300 (high Nov.9).