EUR/USD break below 1.1580, hits 2-day low

EUR/USD break below Wednesday’s low and finds support above 1.1560.
Euro tumbles against Swiss franc to the lowest level in two months.

Matías Salord FXStreet

The EUR/USD pair dropped from near 1.1600 to 1.1563, reaching the lowest level in two days. As of writing it was hovering around 1.1570, holding a bearish tone in the short-term.

The greenback was mixed across the board and rising sharply against Emerging Market currencies. Versus the yen, was unchanged after weakening on US PPI data and amid lower US yields. The euro was mostly lower in the market, affected particularly by a sharp slide in EUR/CHF that was losing more than 70 pips, down from 1.1520 to 1.1462, the lowest level in two months.

The slide in EUR/USD was capped by 1.1560 so far but still remain under pressure. From yesterday’s high it has fallen more than 50 pips, breaking key intraday levels.

EUR/USD Levels to watch

To the downside, support levels might be located at 1.1560/65 (Daily low), 1.1545 and 1.1530. On the upside, resistance could be seen at 1.1580, 1.1600 (20-hour moving average) and 1.1615/20 (daily high).

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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