Euro Vulnerable Below 1.1400, Eyes 1.1300 as Dollar Gains
The euro faces downside pressure towards 1.1300 while the Dollar Index rallies on lower crude prices, dragging EURINR lower.
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The single currency remains exposed to further losses below the 1.1400 handle against the US dollar, with the next target seen at 1.1300. The Dollar Index has strengthened, buoyed by a continued slide in crude oil prices, and now has scope to rise toward the 102 level in the near term.
The move in the dollar is also weighing on the euro-rupee cross. EURINR risks a decline toward the 107.50–108.50 zone if it fails to hold above current support levels.
Source: FXStreet Forex News