EUR/USD came under renewed pressure and broke through yesterday’s lows to made a fresh 11-week trough sub-1.1000.
The dollar picked up momentum over the last hours, despite a mixed bag of US data, and dragged EUR/USD through the 1.10 mark to a low of 1.0981 in recent dealings. At time of writing, the pair is trading at 1.0988, recording a 0.60% loss on the day.
EUR/USD remains on track for a steep weekly decline, making the second loss in a row, as it continues to approach July lows. Despite yesterday’s pullback, the greenback remains on demand amid firming expectations of another rate hike by the Fed before the year-end.
EUR/USD levels to watch
In terms of technical levels, immediate supports are seen at 1.0960 (Jul 27 low) and 1.0911 (Jun 24 low) ahead of 1.0821 (Mar 10 low). On the other hand, resistances line up at 1.1067 (Oct 12 high), 1.1141 (Oct 11 high/10-day SMA), 1.1170 (200-day SMA) and 1.1196/1.1200 (50-day SMA/psychological level).