EUR/USD slides further below 1.1400 as US dollar soars

EUR/USD reversal from multi-day highs continues as the decline accelerates.
From the daily high, the pair lost more than a hundred pips.

Matías Salord FXStreet

The EUR/USD pair dropped further during the American session and printed a fresh low at 1.1360. It is trading near the lows, under pressure as the US dollar gains momentum. The US dollar strengthened across the board during the last hours, particularly versus the yen and European currencies as equity prices in Wall Street consolidate losses.

Earlier today, EUR/USD peaked at 1.1471, the highest since November 7 but then pulled back and lost strength, making a correction. The slide continued and now it is starting to look like a reversal that could signal the pair has peaked. From the top lost 105 pips and now is testing the 20-day moving average.

The rally of the US dollar takes places amid a decline of almost 2% of the Dow Jones and a sell-off in crude oil prices. The WTI barrel drops more than 5%. The DXY rises 0.65%, it climbed from weekly lows at 96.05 back above 96.70.

EUR/USD Levels to watch

If the slide continues, support levels might be located at 1.1365/70 (20-day moving average) 1.1330/35, followed by 1.1300 (Oct 31 low) and 1.1270 (Nov 15 low). On the upside, resistance levels could be seen at 1.1390 (Nov 19 low), 1.1420 (Nov 16 high) and 1.1440.

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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