EUR/USD records new YTD lows around 1.1250, rebounds afterwards

EUR/USD dropped to new 16-month lows around 1.1250.
The greenback briefly tested the boundaries of 2021 highs.
ECB’s Lagarde said there is no rush to tighten monpol.

Pablo Piovano FXStreet

Sellers keeps the European currency under pressure and forces EUR/USD to recede to fresh 16-month lows in the 1.1250 region on Friday.

EUR/USD weaker on risk-off sentiment

EUR/USD remains depressed on the back of persevering buying pressure in the greenback and the prevailing risk-off mood among market participants.

Indeed, renewed demand for the buck prompted the US Dollar Index to reverse the recent weakness and challenge once again the area of 2021 highs near 96.20 despite the corrective downside in US yields.

Earlier in the session, Chairwoman C.Lagarde suggested that there is no rush to prematurely tighten the current monetary conditions.

EUR/USD levels to watch

So far, spot is losing 0.73% at 1.1288 and faces the next up barrier at 1.1422 (10-day SMA) followed by 1.1464 (weekly high Nov.15) and finally 1.1509 (20-day SMA). On the other hand, a break below 1.1250 (2021 low Nov.17) would target 1.1185 (monthly low Jul.1 2020) en route to 1.1168 (low Jun.19 2020).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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