EUR/USD slips further as the greenback picks up momentum

The EUR/USD came under renewed selling pressure as we approach the end of the month with traders possibly closing positions. At the moment, the pair is down 0.21% at 1.0653. Following a strong upsurge to 1.0905 on Monday, the pair has lost more than 250 pips in the remainder of the week. 

On Wednesday, a Euro sell-off was triggered after a Reuters report suggested that the ECB was worried about a yield surge and was not looking to cut back its monthly pace of bond buying anytime soon. Today's inflation data strengthened this view. The price growth in the euro area came in at 1.5%, down from 2% in February as the positive effects of the high energy prices faded away. 

The US dollar index gathered momentum and erased the daily losses as it once again touched the 100.45 level, putting further pressure on the pair. 

EUR/USD Forecast: betting on the known evil over an unknown good