EUR/USD Breaks Below 1.0600 For The First Time In Six-Months
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- Euro hits fresh daily lows across the board.
- ECB Lagarde speaks at the European Parliament
- EUR/USD falls for the fifth consecutive day.
The EUR/USD dropped below 1.0600 for the first time since March. The pair bottomed at 1.0581, and remains under pressure on the back of a stronger US Dollar.
Greenback remains firm
The US Dollar is up across the board on Monday. The US Dollar Index (DXY) is trading slightly below 106.00, at the highest level since November of last year. The US 10-year Treasury yields reached a new high at 4.52%. Stock in Wall Street opened mixed.
European Central Bank (ECB) President Christine Lagarde is speaking at the Hearing of the Committee on Economic and Monetary Affairs of the European Parliament. She mentioned that the labor market is “finally adjusting”.
Regarding economic data, earlier on Monday, the German IFO survey slightly exceeded market consensus. The Current Assessment Index dropped from 89 to 88.7, while the Expectation Index rose from 82.6 to 82.9. In the US, the Chicago Fed National Activity Index declined to -0.16 in August from 0.07. The key reports of the week will be the inflation figures from the Eurozone and the US.
Levels to watch
The EUR/USD is holding below 1.0600, under pressure. The next support level is seen around the 1.0580 area, followed by 1.0550.
Despite falling for the fifth consecutive day, no signs of stabilization are observed. In the short term, a recovery above 1.0645 would improve the outlook for the Euro.
Technical levels
EUR/USD
| OVERVIEW | |
|---|---|
| Today last price | 1.0602 |
| Today Daily Change | -0.0046 |
| Today Daily Change % | -0.43 |
| Today daily open | 1.0648 |
| TRENDS | |
|---|---|
| Daily SMA20 | 1.0738 |
| Daily SMA50 | 1.0885 |
| Daily SMA100 | 1.0877 |
| Daily SMA200 | 1.083 |
| LEVELS | |
|---|---|
| Previous Daily High | 1.0672 |
| Previous Daily Low | 1.0615 |
| Previous Weekly High | 1.0737 |
| Previous Weekly Low | 1.0615 |
| Previous Monthly High | 1.1065 |
| Previous Monthly Low | 1.0766 |
| Daily Fibonacci 38.2% | 1.0637 |
| Daily Fibonacci 61.8% | 1.065 |
| Daily Pivot Point S1 | 1.0618 |
| Daily Pivot Point S2 | 1.0588 |
| Daily Pivot Point S3 | 1.0562 |
| Daily Pivot Point R1 | 1.0675 |
| Daily Pivot Point R2 | 1.0702 |
| Daily Pivot Point R3 | 1.0731 |
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