EUR / USD remains under pressure as dollar bulls remain in control

EUR / USD down 0.2% to 1.1265 on the day

It’s difficult to pick support levels for the pair over the past two weeks, but the 61.8 retracement level of the March last year to January this year rise @ 1.1290 and the 1.1300 offered a slight reprieve last week before it broke.

Now things look dire for the Euro versus the Dollar as technical data suggests there isn’t much relief on the downside. An overview of the weekly chart:

The dollar has been the best performer over the past two weeks and based on the EUR / USD chart above, it is still difficult to argue against the greenback at this time.

This is a warning sign for dollar pairs elsewhere, especially with Fed officials even starting to tilt more hawkishly as seen towards the end of last week.

This will no doubt maintain a strong tailwind for the dollar and with the techniques still in place, it is difficult to hold up against the greenback at this time.

Coming back to EUR / USD, 1.1200 is the next target for sellers before potentially talking about 1.1000. The latter might seem like a bit of a stretch, so there might be some form of retracement before traders reevaluate the move again.


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