EUR/USD hammered down to 1.1000 neighborhood

Haresh Menghani FXStreet

The EUR/USD pair's attempted recovery to 1.1050 region during early European session got sold into and the pair has now dropped to a fresh session lows.

Currently trading around 1.1020-15 band, the pair remained well offered for the third consecutive session and has now moved within striking distance of 1.1000 psychological mark. Renewed greenback buying interest, amid increasing prospects of an eventual Fed rate-hike action by the end of this year despite of last week's slightly disappointing headline NFP, has been the key factor driving the pair lower since the beginning of this week.

Even from technical perspective, the pair's weakness below the very important 200-day SMA, and a subsequent break below 1.1125-20 strong horizontal support, confirmed a break-down below a descending triangular chart formation. Hence, the pair now seems vulnerable to continue with its downward trajectory in the near-term.

Technical levels to watch

From current levels, 1.1000 psychological mark seems to protect immediate downside below which the pair seems to immediately drop to 1.0970 horizontal support. On the flip side, any recovery attempt above 1.1045-50 resistance might now confront resistance at 1.1100 round figure mark. Any subsequent recovery above 1.1100 handle might now be capped at an important support break-point, now turned strong resistance, near 1.1125 region.

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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