EUR/USD drops to one-week lows, holds below critical 1.1150/60 area


  • Euro under pressure amid growth concerns and also technical factors. 
  • EUR/USD head for the lowest close since August 2, back below the 20-day SMA. 

The EUR/USD pair dropped below 1.1160 and bottomed at 1.1136, the lowest level since August 5. The combination of a stronger US Dollar across the board and a weaker Euro contributed to the slide of EUR/USD under a critical support level. 

The US Dollar is up today across the board and particularity against commodity and emerging market currencies amid fears about the global economic outlook. Concerns increased amid recessions fears in the US and Europe. The common currency is also down versus the Pound and the Swiss franc weakened by EZ data and lower yields. 

The greenback is up even despite lower US yield. The 10-year stands at 1.58%, the lowest since 2016. In Wall Street, the DOW JONES is losing 2.35% and the NASDAQ drops 2.69%. The DXY gains 0.12% and trades near 98.00, at fresh one-week highs. 

Looking at 1.1100? 

From a technical perspective, the recent move in EUR/USD adds to the negative perspective of the Euro. The pair is holding below 1.1150/60, the lower limit of the one-week range. A confirmation of the breakout would signal more losses ahead. The next support is seen at 1.1110 that protects 1.1100. 

On the upside, the Euro needs to rise back above 1.1160 to alleviate the short-term bearish pressure. If that happens it would likely resume range trading between 1.1150 and 1.1245. 

EUR/USD

Overview
Today last price 1.1144
Today Daily Change -0.0028
Today Daily Change % -0.25
Today daily open 1.1172
 
Trends
Daily SMA20 1.1172
Daily SMA50 1.1238
Daily SMA100 1.1224
Daily SMA200 1.1295
Levels
Previous Daily High 1.1229
Previous Daily Low 1.117
Previous Weekly High 1.1251
Previous Weekly Low 1.1104
Previous Monthly High 1.1373
Previous Monthly Low 1.106
Daily Fibonacci 38.2% 1.1193
Daily Fibonacci 61.8% 1.1207
Daily Pivot Point S1 1.1151
Daily Pivot Point S2 1.1131
Daily Pivot Point S3 1.1092
Daily Pivot Point R1 1.1211
Daily Pivot Point R2 1.125
Daily Pivot Point R3 1.127

 

 

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