- EUR/USD drops to weekly lows near 1.1030.
- The dollar picks up pace across the board.
- German ZEW survey plummets to -49.5 in March.
The selling pressure is now gathering extra traction around the European currency on Tuesday, with EUR/USD tumbling to fresh weekly lows to the 1.1040/30 band.
EUR/USD weaker on USD-buying, poor ZEW
The increasing and renewed upside bias in the greenback is now putting EUR/USD under extra downside pressure in the proximity of the 1.1030 zone.
Other than dollar strength, the pair is suffering the miserable prints from the German ZEW survey, which showed the Economic Sentiment collapsed to -49.5 for the month of March (from 8.7) and Current Conditions dropped to -43.1 (from -15.7). In the same line, Economic Sentiment in the broader Euroland slumped to -49.5 (from 10.4).
Later in the US docket, advanced Retail Sales and Industrial Production figures will be in the limelight seconded in relevance by Capacity Utilization the NAHB index, Business Inventories and JOLTs Job Openings.
EUR/USD levels to watch
At the moment, the pair is losing 1.23% at 1.1043 and faces the next support at 1.1027 (weekly low Mar.17) followed by 1.0992 (monthly low Jan.29) and finally 1.0814 (78.6% Fibo of the 2017-2018 rally). On the flip side, a breakout of 1.1236 (weekly high Mar.16) would target 1.1495 (2020 high Mar.9) en route to 1.1514 (high Jan.31 2019).
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