The US dollar weakened across the board during the last hour and pushed the EUR/USD back to the 1.1000 area. The greenback turned lower particularly gains the yen and European currencies during the last hours as US bond yields decline.
Away from lows
EUR/USD bottomed during the American session at 1.0968, less than 10 pips above yesterday’s lows. Then it rebounded rising 30 pips from the lows. So far it has been unable to rise above 1.1000 and it was trading at 1.0990/94, marginally lower for the day.
The euro managed to move off daily lows and remove some bearish momentum but it needs to rise above 1.1000 (where also the 20-hour moving average currently stand) to open the doors to more intraday gains.
To the upside, resistance levels could be seen at the mentioned 1.1000, followed by 1.1025 (daily high) and 1.1055/60 (Oct 13 & 14 high). On the opposite direction, support could be located at 1.0960/65 (weekly low), 1.0940 1.0910 (June 24 low). 1.0860 ( Jan 19 low / Jan 25 high).