EUR/USD off fresh lows near 1.0750

FXStreet (Mumbai) - The shared currency turned in the negative territory versus the greenback in the European session, with EUR/USD knocked off to fresh session lows below 1.0750, as the US dollar was caught by a sudden bid wave while traders now focus on a flurry of macro data from the Euro zone and the US in the day ahead for further impetus on the main currency pair.

EUR/USD drops from 1.0770

The EUR/USD trades lower by -0.20% at fresh session lows of 1.0738 levels, retracing from highs posted at 1.0791 levels. EUR/USD erased previous gains and slipped in red after the US dollar gained renewed momentum against its major competitors, correcting heavy losses from the previous session. The DXY spiked to fresh session highs of 98.03, recording 0.15% gain on the day.

Meanwhile, markets now focus on the upcoming EZ PI data for further incentive on the EUR/USD pair. The upcoming EZ final CPI estimate for March is expected to bring more encouragement on the margins, with year-over-year headline consumer prices to show a dip of -0.1% confirming prelim estimates. EZ data is due to be published at 9GMT.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.0791 (Today’s High) levels, above which gains could be extended to 1.0818 (April 16 High) levels. On the flip side, support is seen at 1.0757 (Today’s Low) below which it could extend losses to 1.0700 levels.