EUR/USD drops further to test 1.1400

US Dollar extends gains versus euro despite US data.
Pair drops to lowest in over a week, tests 1.1400.

Matías Salord FXStreet

The EUR/USD pair broke below 1.1410 and fell to 1.1399, reaching the lowest level since January 28. It remains near the lows, under pressure, testing the 1.1400 zone.

The move lower took place amid a stronger US dollar that is gaining particularly against European currencies. A sharp slide in GBP/USD also pushed EUR/USD to the downside.

The greenback gained strength despite weaker-than-expected US data and also lower US yields. The Markit PMI dropped to 54.2 in January and the ISM non-manufacturing index fell to the lowest since June to 56.7. While in the bond market, the 10-year fell to 2.69%, earlier today hit at 2.736%, the highest level in a week. Later today, US President Trump will deliver the State of the Union address.

EUR/USD Short-term Levels to watch

To the downside, the immediate support is the 1.1400 area, and then 1.1375 and 1.1350. On the upside, 1.1425 (20-hour moving average) is the first resistance, followed by 1.1440 (Feb 5 high) and 1.1460.

EUR/USD

Overview:
    Today Last Price: 1.1402
    Today Daily change: -0.0032 pips
    Today Daily change %: -0.28%
    Today Daily Open: 1.1434
Trends:
    Daily SMA20: 1.1425
    Daily SMA50: 1.1398
    Daily SMA100: 1.144
    Daily SMA200: 1.1557
Levels:
    Previous Daily High: 1.1462
    Previous Daily Low: 1.1424
    Previous Weekly High: 1.1516
    Previous Weekly Low: 1.139
    Previous Monthly High: 1.1586
    Previous Monthly Low: 1.1289
    Daily Fibonacci 38.2%: 1.1439
    Daily Fibonacci 61.8%: 1.1447
    Daily Pivot Point S1: 1.1419
    Daily Pivot Point S2: 1.1403
    Daily Pivot Point S3: 1.1382
    Daily Pivot Point R1: 1.1456
    Daily Pivot Point R2: 1.1477
    Daily Pivot Point R3: 1.1493

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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