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Forex pairs in this Article » EUR/USD (Edinburgh) - The single currency continues to trade on the soft tone against the greenback, dragging the EUR/USD to fresh intraday lows near 1.3650.

EUR/USD down on stronger USD

The current correction lower is following the upbeat sentiment around the USD, recovering ground after last week’s sell-off. With the focus on the FOMC gathering on Wednesday, FX Strategist Shaun Osborne at TD Securities commented, “with the FOMC expected to result in a further reduction in asset purchases and the FT reporting that the ECB may buy private sector loans, the overall backdrop suggests that EURUSD really should start to struggle to gain much more altitude from here… EURUSD looks heavy above 1.37 this morning; look for a run back to the low 1.36s”.

EUR/USD levels to watch

As of writing the pair is down 0.15% at 1.3655 and a break below 1.3642 (21-d MA) would expose 1.3616 (10-d MA). On the upside, the initial barrier aligns at 1.3740 (high Jan.24) would target 1.3776 (2014 high Jan.2) en route to 1.3819 (high Dec.30).
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