EUR/USD tumbles to lows near 1.2300

• The renewed buying bias around the greenback dragged spot to fresh lows.
• The pair’s decline found some decent support just above 1.2300 the figure.
• ECB minutes failed to lure in fresh buyers. US data came in mixed.

The greenback keeps the upside momentum intact so far today and relegates EUR/USD to give away further gains and test lows in the 1.2310 region.

EUR/USD lower on USD-buying

The pair is trading in 2-day lows near the 1.2300 handle following quite a strong pick up in the buck, all in response to alleviated geopolitical concerns involving Syria, the US and Russia.

Also weighing down on EUR, the ECB minutes showed members remain widely concerned over the risk of trade conflicts and the absence of sustainability in the inflation in the region.

In the data space, Industrial Production in the euro area expanded less than expected in February. Across the pond, Export Price Index rose 0.3% MoM in March and Import Price Index came in flat. Additionally, Initial Claims came in at 233K, missing consensus.

EUR/USD levels to watch

At the moment, the pair is losing 0.42% at 1.2315 and a breakdown of 1.2311 (low Apr.12) would open the door to 1.2305 (10-day sma) and finally 1.2214 (low Apr.6). On the upside, the initial hurdle emerges at 1.2396 (high Apr.11) followed by 1.2478 (high Mar.27) and then 1.2538 (high Jan.25).