EUR/USD falls to daily lows near 1.0500 after US PPI.

The EUR/USD has reacted to US producer price data with a drop of almost 65 pips to fresh daily lows at 1.0503. At time of writing, the pair is recovering some of the lost ground and is trading above 1.0535, shedding 0.19% daily.

The index of US producer prices it grew 7.4%, as expected, down from 8.1% (revised from 8%) in the previous month. However, excluding food and energy, the most volatile elements, the indicator rose 6.2%, above the 6% consensus, although below the 6.7% in October.

The data reignited market fears as it reflects still-strong inflation, which could give the Fed momentum to continue its pace of rate hikes. For now, Wall Street has opened lower, with the Dow Jones falling 0.25% to 33,698.27 points.

The operators will be very aware now of the data of consumer sentiment from the University of Michiganas it could also cause the currency pair to swing.

EUR/USD Technical Levels

EUR/USD

Panorama
Last Price Today 1.0539
Today’s Daily Change -0.0017
Today’s Daily Change % -0.16
Today’s Daily Open 1.0556
Trends
20 Daily SMA 1.0402
SMA of 50 Daily 1.0085
SMA of 100 Daily 1.0062
SMA of 200 Daily 1.0355
levels
Previous Daily High 1.0565
Minimum Previous Daily 1,049
Previous Weekly High 1.0545
Previous Weekly Minimum 1,029
Maximum Prior Monthly 1.0497
Minimum Prior Monthly 0.973
Daily Fibonacci 38.2% 1.0536
Daily Fibonacci 61.8% 1.0518
Daily Pivot Point S1 1.0508
Daily Pivot Point S2 1.0461
Daily Pivot Point S3 1.0433
Daily Pivot Point R1 1.0584
Daily Pivot Point R2 1.0612
Daily Pivot Point R3 1.0659

Source: Fx Street

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