Breaking: EUR/USD drops below 1.1700 for the first time since November 2020

US dollar gains momentum during the American session.
EUR/USD falls for the third consecutive day after a brief recovery.

FXStreet Team FXStreet

The EUR/USD extended the decline and fell to 1.1693, reaching the lowest level since November 2020. It remains under pressure hovering around 1.1700.

The move lower took place amid a stronger US dollar across the board. The DXY is up 0.07%, trading at 93.20, on its way to the highest close since March. Market participants await the outcome of the FOMC minutes to be released at 18:00 GMT.

Equity markets are moving sideways and commodity prices turned to the downside during the American session, with gold and silver accelerating the decline. US bond yields are modestly higher. The 10-year yield reached a three-day high at 1.286%.

The FOMC minutes could trigger sharp moves. Market participants will search for clues about a tapering timeline for the purchase program. Next week, Jerome Powell will speak at the Jackson Hole symposium.

Technical levels

EUR/USD

Overview
Today last price	1.1702
Today Daily Change	-0.0008
Today Daily Change %	-0.07
Today daily open	1.171

Trends
Daily SMA20	1.1797
Daily SMA50	1.1867
Daily SMA100	1.1962
Daily SMA200	1.2009

Levels
Previous Daily High	1.1785
Previous Daily Low	1.1708
Previous Weekly High	1.1805
Previous Weekly Low	1.1706
Previous Monthly High	1.1909
Previous Monthly Low	1.1752
Daily Fibonacci 38.2%	1.1737
Daily Fibonacci 61.8%	1.1755
Daily Pivot Point S1	1.1684
Daily Pivot Point S2	1.1658
Daily Pivot Point S3	1.1607
Daily Pivot Point R1	1.176
Daily Pivot Point R2	1.1811
Daily Pivot Point R3	1.1837

Author

FXStreet Team

FXStreet

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