EUR/USD drops below 1.1350 to fresh 1-year lows

EUR/USD resumed slide amid a stronger US Dollar across the board.
Euro reached fresh daily lows also versus GBP and CHF while DXY hit new 13-month highs.

Matías Salord FXStreet

The EUR/USD pair broke below the 1.1360 area and dropped to 1.1341 hitting a fresh 1-year low. As of writing the euro was trading at the lows with the negative tone intact, down 60 pips.

A stronger US dollar triggered another leg lower in EUR/USD. The US Dollar Index rose from 96.20 to 96.60, reaching the highest level since June 2017. At the same time, the euro hit fresh lows versus the Swiss franc and the pound.

The greenback resumed its uptrend in the market without any particular catalyst. US bond yields were modestly higher, far from daily highs and equity prices in Wall Street were consolidating gains, holding in a range.

Levels to watch

FXStreet analyst, Yohay Elam, points that support is at 1.1365 which is the meeting point of the recent 2018 low, the Pivot Point one-month Support 3, and the PP one-day Support 1 and further down, there are very few support lines with one noteworthy point at 1.1326 which is the Fibonacci 161.8% one-day.

According to him, to the upside, 1.1444 is a relevant convergence of potent lines. Before that level, resistance could be seen at 1.1365 (Aug 13 low) and 1.14000 (20-hour moving average).

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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