FXStreet (Córdoba) - After the latest recovery attempt was capped by the 1.3560 area, the EUR/USD is back headed south following better-than-expected US wholesale data.



US wholesale inventories rose 1.1% in April versus 0.5% expected, while wholesale sales climbed 1.3%, the Commerce Department reported Tuesday. The EUR/USD dropped back below 1.3550 and it is currently trading at 1.3545, recording a 0.35% loss on the day.



EUR/USD outlook



Valeria Bednarik, chief analyst at FXStreet notes that US-Eurozone yield spreads are weighing on the EUR/USD in absence of economic data. “The 4 hours chart shows a strong bearish momentum, with indicators finally moving away from neutral readings. 1.3520 comes as immediate support, and once broken, the pair has room to extend down to 1.3476, YTD low”.



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EUR/USD slumps to lows near 1.0910

  2. Forex News

    EUR/USD around 1.05 in 12-month – Rabobank

  3. Forex News

    EUR/USD returns to 1.0950

  4. Forex News

    FX Reversals: EURUSD Breakout Fails

  5. Forex News

    EUR/USD uninspired by US factory orders

Trading Center
×

You are using adblocking software

Want access to all of Investopedia? Add us to your “whitelist”
so you'll never miss a feature!