EUR/USD tumbles below 1.1600 to lowest in two weeks

Euro under pressure around the London fix, drops across the board.
US dollar strengthens even as US yields pull back.
EUR/USD drops a hundred pips from weekly highs.

Matías Salord FXStreet

The EUR/USD pair is accelerating the decline on Friday amid a stronger US Dollar across the board. Around the last London fix of October, the pair dropped to 1.1563, reaching the lowest level in two weeks.

The pair remains near the lows, with a strong bearish tone. The euro is also falling versus the Swiss franc and the pound. EUR/CHF is having the worst day in months, trading under 1.0580, at the lowest since May 2020.

US yields look steady while US stocks are posting mixed results, not behind the rally of the greenback. End-of-month flow and some positioning ahead of next week’s FOMC meeting could be playing a key role. “With the Fed set to embark on taper and flexibility likely to be a key feature of policy going forward, risk/reward is shaping up more positively for the USD into and out of the Fed,” explained analysts at TD securities.

The reversal in EUR/USD pushed the price from the highest in four weeks to weekly lows. The euro is headed toward the lowest weekly close since May 2020. Currently stands at 1.1570, where the 200-week simple moving average stands.

Technical levels

EUR/USD

Overview
Today last price	1.1571
Today Daily Change	-0.0111
Today Daily Change %	-0.95
Today daily open	1.1682

Trends
Daily SMA20	1.1601
Daily SMA50	1.17
Daily SMA100	1.1774
Daily SMA200	1.1908

Levels
Previous Daily High	1.1692
Previous Daily Low	1.1582
Previous Weekly High	1.167
Previous Weekly Low	1.1572
Previous Monthly High	1.1909
Previous Monthly Low	1.1563
Daily Fibonacci 38.2%	1.165
Daily Fibonacci 61.8%	1.1624
Daily Pivot Point S1	1.1612
Daily Pivot Point S2	1.1542
Daily Pivot Point S3	1.1502
Daily Pivot Point R1	1.1722
Daily Pivot Point R2	1.1762
Daily Pivot Point R3	1.1832

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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