EUR/USD remains under pressure in the sub-1.1300 area

EUR/USD slips back to the 1.1270 area on Tuesday.
Higher yields support another bullish move in the dollar.
US ISM Manufacturing came at 58.7 in December.

Pablo Piovano FXStreet

The European currency remains under pressure and drags EUR/USD to fresh multi-day lows in the 1.1275/70 band on Tuesday.

EUR/USD weaker on US yields, wait for data

EUR/USD is down for the second straight session and extends the pessimism seen at the beginning of the week/year, always on the back of the strong resumption in the preference for the greenback.

Indeed, the dollar regained upside momentum in response to the acute rebound in US yields across the curve, where the 10y benchmark note manages to approach the 1.70% barrier and the 30y bond trades well above the 2.00% yardstick.

In the calendar, German Retail Sales expanded at a monthly 0.6% in November and contracted 0.2% over the last twelve months, while the Unemployment Change dropped by 23K people and the jobless rate ticked lower to 5.2, all for the month of December.

In the US docket, the ISM Manufacturing surprised to the downside at 58.7 last month.

EUR/USD levels to watch

So far, spot is losing 0.08% at 1.1285 and faces the next up barrier at 1.1386 (monthly high November 30) followed by 1.1464 (weekly high Nov.15) and finally 1.1520 (200-week SMA). On the other hand, a break below 1.1272 (weekly low Jan.4) would target 1.1221 (weekly low Dec.15) en route to 1.1186 (2021 low Nov.24).

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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