EUR/USD tumbles to weekly lows near 1.1130

Pablo Piovano FXStreet

The buying interest around the greenback is now picking up extra pace, relegating EUR/USD to break below yesterday’s lows in the 1.1140 region.

EUR/USD weaker on USD buying

The pair is accelerating the decline as the demand for the greenback has resumed its upside, prompting the US Dollar Index to extend the bull run to 2-day peaks just below the key hurdle at 97.50.

In the meantime, spot is extending its rejection from recent highs in the low-1.1200s, reflecting the idea from EUR future markets that a potential interim top could be around 1.1200 while further pullbacks are not ruled out.

Still with the buck, Boston Fed E.Rosengren said earlier that low rates pose financial stability risks, while NY Fed W.Dudley stay confident that US consumer prices should pick up pace along with wages.

EUR/USD levels to watch

At the moment, the pair is down 0.12% at 1.1136 and a breakdown of 1.1108 (low May 30) would target 1.1073 (76.4% Fibo of 1.1300-1.0339) en route to 1.0986 (55-day sma). On the upside, the next up barrier aligns at 1.1208 (20-day sma) seconded by 1.1296 (2017 high Jun.14) and finally 1.1300 (high Nov.9).

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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