EUR/USD: Eyes back on 2019 lows as Euro fails to hold above 1.1200

The recovery of the Euro from monthly lows losses momentum near 1.1210.
Pair holds bearish tone, points at the 2019 year-to-day low.

Matías Salord FXStreet

The EUR/USD pair is trading back below 1.1200, slight above day’s low, it reached after the beginning of the American session at 1.1179, the lowest since March 7. While the greenback is among the top performers of the day, the Euro is also losing ground against the Pound and the Swiss Franc.

The Euro is falling for the second-day in-a-row against the US dollar. It weakened earlier today after the release of EZ economic data (German IFO Survey) and also affected by the move in German bonds. The 10-year fell to negative territory, widening the gap against the US 10-year that stands at 2.53% (at 2-week lows).

The US Dollar is up today against majors and also versus emerging markets and commodity currencies. The DXY stands at 97.77 after hitting at 97.85, the highest level since June 2017. Stock indexes in Wall Street are practically flat today after yesterday’s record close for the S&P and NASDAQ. The positive tone in the US, is not seen reflected in the currency market, as the yen and the Dollar remains among the top performers of the current week.

EUR/USD levels to watch

The pair is hovering around 1.1190, looking at the 1.1175/80 area (daily low / March low). A break lower would put the price at the lowest in almost two years. Support levels below might be seen at 1.1150 and 1.1115/20 (June 2017 low). On the upside, now 1.1210 is the immediate resistance followed by 1.1225/30 (Apr 24 high) and 1.1245.

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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