EUR/USD shows some action and drops to 9-day lows, tests 1.1170


  • US Dollar rises across the board supported by US data and yields. 
  • Equity prices in Wall Street sharply higher and DXY at strongest in almost two weeks. 

The EUR/USD pair dropped further below 1.1200 and printed a fresh daily low at 1.1171. It remains above the 1.1170, with limited losses and still within the range that prevailed last week. 

A stronger US dollar pushed the pair to the downside. Better-than-expected US data triggered a modest rally of the greenback that kept rising after the beginning of the US session. Higher US yields and a rally in Wall Street added further support to the dollar. 

The DXY is having the best performance since April 24 and trades at 97.82, above last week highs. Regarding bonds, the US 10-year yield climbed from 2.36% to 2.41%. The DOW JONES gains 1.15% and stands at the highest level since last Friday. 

Levels to watch 

Despite losing ground on Thursday to weekly lows, the EUR/USD continues to move within a 100-pip range since May 6.  The decline so far found support around the 1.1170 zone; a break lower would expose last week lows at 1.1160. Below the next support is seen at 1.1135 that the 2019 low at 1.1110. 

On the upside, initial resistance might be seen at 1.1195, followed by 1.1220. A consolidation above 1.1220 could put the EUR/USD back into the 1.1220 - 1.1260 range. 
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!


Latest Forex News

Editors’ Picks

EUR/USD pressured around 1.13 after jump in US jobs

EUR/USD is trading around 1.13, down after US Non-Farm Payrolls shocked with a leap of 2.5 million jobs in May, contrary to all projections. The greenback is gaining while stocks are falling, a correlation breakdown. ECB stimulus previously supported the euro.

EUR/USD News

GBP/USD retreats from highs

GBP/USD is trading below 1.27, off the highs. The pound is struggling after Chief EU Negotiator Barnier reported little progress in Brexit talks. Robust US jobs support the dollar.

GBP/USD News

Gold sees weekly closing below $1700 - a caution for bulls

The steady decline in Gold prices (futures on Comex) accelerated on Friday, as the rates closed the week below the 1700 mark for the first time in three weeks at 1688.35. A weekly closing below the key 1700 level is unlikely to bode well for the bulls.

Gold News

Institutional demand exceeds Bitcoins supply

Greyscale floods the market with fresh money to satisfy the demand of its clients. Investors, willing to pay a 29% surcharge for exposure to Bitcoin without suffering the legal and operational inconveniences. Market remains at risk on the verge of new bullish territory.

Read more

WTI rallies above $39 as focus shifts to OPEC+ meeting

Crude oil prices built on Thursday's modest gains and rose sharply on Friday boosted by the upbeat market mood optimism surrounding Saturday's OPEC+ meeting. 

Oil News

Forex MAJORS

Cryptocurrencies

Signatures