The bearish sentiment has intensified around the greenback on Tuesday and is now lifting EUR/USD to the area of 1.2060/70, fresh 27-month tops.
EUR/USD up on USD-selling
The pair is up for the second session in a row so far today, gaining nearly 17% since January lows in the boundaries of 1.0340 and recording its 6th straight month with gains.
On the opposite side, the greenback has broken below the ley support at the 92.00 handle when measured by the US Dollar Index (DXY), retreating to levels last seen in January 2015.
The bearish sentiment around the buck following an innocuous speech by Yellen at the Jackson Hole Symposium stays as the main driver behind the renewed and strong selling bias in USD, while yields of the key US 10-year benchmark have breached the 2.10% level for the first time since November 2016.
EUR/USD levels to watch
At the moment, the pair is up 0.68% at 1.2060 facing the next hurdle at 1.2069 (2017 high Aug.29) followed by 1.2100 (psychological level) and finally 1.2186 (high Dec 25 2014). On the flip side, a breach of 1.1917 (low Aug.28) would aim for 1.1831 (10-day sma) and then 1.1810 (21-day sma).
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.