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Single Currency Under Late Session Pressure

  • EURUSD (-0.42%) breaches session lows as the pair slowly grinds south approaching the APAC crossover. 1.0700 once again capped today’s price action with short-term momentum signalling further weakness for the pair.
  • The clear break of the 50-day EMA strengthens the bearish cycle and exposes 1.0484, the Jan 6 low. First support is seen at Friday's low of 1.0613.
  • Following the mixed flash PMI data this morning, attention turns to final readings of German CPI on Wednesday morning, followed by German IFO sentiment data. Focus then quickly turns to the FOMC minutes.

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