EUR/USD breaks under 1.0850 and drops to 1.0800

Matías Salord FXStreet

EUR/USD broke below 1.0850 and accelerate the decline. The pair is testing 1.0800 and its about to fill the gap that was created at the beginning of the week.

Price bottomed recently at 1.0798, the lowest since last Friday. The decline took placed amid a strong recovery of the US dollar against European currencies and the yen. In Wall Street, equity indexes extended gains. The Dow Jones is up 0.77% and the Nasdaq gains 0.65%. In the bond market, yields are rising boosting the demand for the US dollar. The 10-year yield rose from 2.36% to 2.41%.

From the fundamental perspective, several Federal Reserve officials spoke during the last hours. Kaplan affirmed that rate hikes should be gradual; George said that it is not the interest of the central bank a tight monetary policy while Fischer argued that two more rate hikes during 2017 seems right.

EUR/USD Technical levels

To the upside, resistance levels might be located at 1.0825, 1.0855 (20-hour moving average) and 1.0870/75 (daily high). On the downside, support might be seen at 1.0800, 1.0775 (Mar 20 high / uptrend line) and 1.0755 (Mar 24 low).

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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