EUR/USD technical analysis: Euro dipping below 1.1200 on US data

  • EUR/USD is on the back foot moving below 1.1200 figure.
  • The US Housing Starts for April (MoM) came in better-than-expected at 1.1235M vs. 1.20M forecast while Building Permits for the same month came at 1.296M vs. 1.29M also beating expectations. Thus giving the USD a slight boost and sending EUR/USD down.

EUR/USD daily chart

EUR/USD is trading in a bear trend below its main simple moving averages (SMAs). 

EUR/USD 4-hour chart

EUR/USD is once again trading in the notorious 1.1180-1.1200 range below its 200 SMA. 

EUR/USD 30-minute chart

The market is trading below its main SMAs suggesting a bearish bias in the short term. If bears can break below 1.1200 support the next destination is likely seen at 1.1180 price level followed then by 1.1140 level. Resistance is seen at 1.1220 and 1.1245 levels.

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