EUR/USD extends slide to lowest since January, eyes 1.0500


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  • The Euro accelerates its decline across the board.
  • The US dollar remains firm, with the DXY reaching a fresh cycle high above 106.60.
  • The EUR/USD is oversold but shows no signs of relief.

The EUR/USD pair accelerated its decline after the beginning of the Asian session and dropped to 1.0509, reaching the lowest level since January. It remains near these lows, under pressure, as the US Dollar continues to hold firm, extending its rally.

Euro weakenss across the board, as DXY hits new highs 

The EUR/USD broke below 1.0530, and the decline gained momentum, with the pair now targeting the 1.0500 area. Below, the next level to watch is the year-to-date low at 1.0483.

The negative momentum of the Euro has intensified, without a particular catalyst driving the decline in the past few hours. EUR/GBP has retreated from 0.8700 to 0.8660, while EUR/CHF is reversing from two-month highs. EUR/JPY is also falling, approaching 147.00. 

On the other hand, despite being up for the fourth consecutive day, the US Dollar Index (DXY) maintains its momentum. It reached a fresh 2023 high at 106.64. The Greenback continues to be supported by US Treasury yields and market sentiment. Stocks in Wall Street opened positively but quickly trimmed their gains after the initial surge.

US data came in above expectations, with Durable Goods Orders rising by 0.2% in August, contrary to expectations of a 0.2% decline. German and Spanish inflation data are due on Thursday. 

Technical levels 

EUR/USD

Overview
Today last price 1.0518
Today Daily Change -0.0055
Today Daily Change % -0.52
Today daily open 1.0573
 
Trends
Daily SMA20 1.0711
Daily SMA50 1.0859
Daily SMA100 1.0869
Daily SMA200 1.083
 
Levels
Previous Daily High 1.0609
Previous Daily Low 1.0562
Previous Weekly High 1.0737
Previous Weekly Low 1.0615
Previous Monthly High 1.1065
Previous Monthly Low 1.0766
Daily Fibonacci 38.2% 1.058
Daily Fibonacci 61.8% 1.0591
Daily Pivot Point S1 1.0554
Daily Pivot Point S2 1.0534
Daily Pivot Point S3 1.0507
Daily Pivot Point R1 1.0601
Daily Pivot Point R2 1.0628
Daily Pivot Point R3 1.0648

 


 

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