EUR/USD weaker, breaks below 1.1300

The single currency is extending its bearish note at the end of the week, now prompting EUR/USD to test the 1.1300 neighbourhood.

EUR/USD lower on USD-buying

Spot is retreating for the second session in a row so far, shedding over a cent since recent peaks in the 1.1420 region amidst renewed sentiment towards the greenback and a continuation of the correction lower in crude oil prices.

Data wise in Euroland today, final CPI figures in Germany are due later, while US Consumer Sentiment measured by the Reuters/Michigan index is the main highlight across the pond.

Against the backdrop of thin trade conditions, investors’ attention appear to remain on German money markets, crude oil and the next potential move by the Federal Reserve.

EUR/USD levels to watch

The pair is now losing 0.19% at 1.1296 and a break below 1.1242 (20-day sma) followed by 1.1215 (100-day sma) and then 1.1096 (low May 30). On the flip side, the initial hurdle lines up at 1.1416 (high Jun.8) followed by 1.1448 (high May 11) and finally 1.1466 (high Apr.12).