EUR/USD drops further under 1.1280, eyes last week lows

The pair is about to test last week lows as the Euro slides across the board.
Euro erases yesterday’s recovery, back under pressure.

Matías Salord FXStreet

The EUR/USD pair dropped further during the American session and printed a fresh daily low at 1.1277. It is trading slightly above last week lows, hovering below 1.1280 with the bearish bias intact.

The euro is falling across the board on Tuesday. EUR/CHF trades at the lowest intraday level since early January and could post the weakest close since July 2017 while EUR/GBP dropped to 0.8518, 1-week low. Fears about a slowdown in Europe, the new stance of the ECB and the Brexit drama weigh on the euro.

The greenback is mixed, posting gains particularly against the yen, the Swiss franc and the Euro while is falling versus commodity link currencies. The dollar was not affected by data from the US released today that came in below expectations. Housing starts tumbled 8.7% in February and Consumer confidence fell unexpectedly to 124.1 in March.

EUR/USD Levels to watch

The pair is about to test last week lows that stand at 1.1270/75. A break lower could trigger more losses. Support levels might be seen at 1.1250 and 1.1220 (Mar 11 low). On the upside, at 1.1300/05 there is a key resistance (20-sma in 4 hour chart): if the euro recovers above it could extend the upside to test 1.1330 (Mar 25 high) and then comes 1.1360 (Mar 19 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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