EUR/USD back near monthly lows, unable to hold above 1.1100
|- Euro weakens and retreats across the board during the American session.
- EUR/USD unable to move off monthly lows, flat for the day near 1.1100.
The EUR/USD pair peaked at 1.1117, the highest level since Friday but it turned to the downside after the beginning of the American session. Recently dropped to 1.1088 and as of writing, it trades at 1.1095, at the same level it closed on Monday.
The move lower took place even as the greenback holds to losses versus the pound and extends the slide against the yen. US yields are falling with the 10-year at 1.76%, the lowest since January 7. The DXY is falling modestly as it stands at 97.50. Overall, price action remains limited even as Wall Street returns to normality after yesterday’s holiday.
Technical outlook
The EUR/USD was moving with a bullish intraday bias but it has now turn neutral. Around 1.1100, the 20-hour moving average is seen. If the euro recovers above it will likely test daily highs.
With price holding at current levels, the euro looks vulnerable to more losses. The immediate support is located a t1.1085 and below comes 1.1065. The daily chart shows no clear direction but risks skewed to the downside. A close above 1.1120 (20-day moving average) could change the bias.
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