EUR/USD drops further to test the 1.0900 area on US dollar strength

Euro hits fresh lows versus US dollar and Swiss franc.
EUR/USD below the 20-SMA in four hours chart, next support at 1.0880.

Matías Salord FXStreet

The EUR/USD hit a fresh daily low at 1.0899 after breaking the 1.0920 intraday support amid a stronger US dollar. The pair bounced modestly, defending the 1.0900 area. As of writing, it trades at 1.0915, down 50 pips for the day.

The US Dollar Index (DXY) gains 0.40% on Monday. It recently hit at 99.59, the highest level since Thursday. Equity prices in the US opened lower amid US-China tensions but over the last hours trimmed losses with the Nasdaq in positive territory at the moment.

Economic data from the US came in worse than expected having no impact on the market. Factory Orders dropped a record 10.3% during March, against expectations of a 9.7% slide. The ISM-NY Business conditions Index fell from 12.9 to 4.3 in April. The key report of the week will be NFP on Friday.

Regarding the euro, it also printed a new low during the American session versus the Swiss franc. EUR/CHF trades at the lowest in a week at 1.0525.

Technical outlook

The EUR/USD pair continues to retreat from the one-month high it reached on Friday at 1.1018. The euro was rejected from above 1.1000 and lost more than a hundred pips from the recent top.

Price is back below the 20-SMA in the four hours chart suggesting more weakness ahead, that could spark more losses if it breaks clearly under 1.0900. A recovery above 1.0930/40 would remove the bearish intraday pressure. The next critical support is seen at 1.0880.

EUR/USD

Overview
Today last price	1.0981
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.0981

Trends
Daily SMA20	1.0876
Daily SMA50	1.0964
Daily SMA100	1.1007
Daily SMA200	1.1036

Levels
Previous Daily High	1.1019
Previous Daily Low	1.0935
Previous Weekly High	1.1019
Previous Weekly Low	1.081
Previous Monthly High	1.1039
Previous Monthly Low	1.0727
Daily Fibonacci 38.2%	1.0987
Daily Fibonacci 61.8%	1.0967
Daily Pivot Point S1	1.0938
Daily Pivot Point S2	1.0894
Daily Pivot Point S3	1.0853
Daily Pivot Point R1	1.1022
Daily Pivot Point R2	1.1063
Daily Pivot Point R3	1.1106

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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