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EUR/USD drops as stocks turn positive

FXStreet (Mumbai) - The EUR/USD pair fell into losses after the European stock markets recovered losses to trade higher ahead of the preliminary German CPI report.

Drops below hourly 200-MA

The spot now trades below its hourly 200-MA currently located at 1.1232 levels. The demand for the safe havens like JPY and funding currencies like EUR weakened after the major stock markets in Europe recovered losses to trade in the positive territory.

The focus now would be on the German CPI report, which is expected to show the cost of living in Germany dropped in September. Meanwhile, the activity in the EUR/GBP cross and the broader market sentiment could continue to influence the pair.

EUR/USD Technical Levels

At 1.1220, the immediate support is seen at 1.12 levels, under which the losses could be extended to 1.1146 (Sep 28 low). On the other side, resistance is seen at 1.1232 (hourly 200-MA) and 1.13 levels.

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