EUR/USD: Poised to extend its slump towards the 1.1840 mark
|EUR/USD is under pressure amid rising yields as has broken below the 61.8% retracement of its November/January rally at 1.1885. The pair is bearish in the near-term despite oversold conditions, FXStreet’s Chief Analyst Valeria Bednarik reports.
Key quotes
“The US Senate passed President Joe Biden’s stimulus bill with some changes, and it has now moved back to the House, where a vote is expected on Tuesday. The news adds support to the greenback and maintains equities afloat.”
“The greenback’s strength comes from US Treasury yields, which resume their advances this Monday, and flirt with one-year highs ahead of Wall Street’s opening.”
“The next support comes at 1.1840, with a break below it favoring an extension towards 1.1790, the next relevant support level.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.