EUR/USD tumbles to 1.1130 on USD-buying
|- EUR/USD plummets to 1.1130, fresh weekly lows.
- The dollar regains traction on risk-off environment.
- ECB’s Lagarde said COVID-19 will have a considerable impact on economy.
EUR/USD has now accelerated the downside and is navigating the area of weekly lows in the mid-1.1100s losing around 1% at the time of writing.
EUR/USD weaker on USD-strength
EUR/USD is losing further ground in the second half of the week and navigates fresh multi-day lows in the 1.1150 region in response to the sudden pick-up in the demand for the greenback, which is regaining momentum vs. all its main rivals.
The pair has quickly left behind the key support at 1.1200 the figure and extended the drop to the 1.1130 region, trading at shouting distrance from the critical 200-day SMA just above the 1.1100 mark.
Earlier in the session, the ECB left the policy rates unchanged in spite of the recent interest rate cuts by its peers, namely the Fed, the BoE, the RBA and the BoC.
EUR/USD levels to watch
At the moment, the pair is losing 0.41% at 1.1223 and faces the next support at 1.1197 (weekly low Mar.12) followed by 1.1186 (61.8% Fibo of the 2017-2018 rally) and finally 1.1101 (200-day SMA). On the flip side, a break above 1.1495 (2020 high Mar.9) would target 1.1514 (high Jan.31 2019) en route to 1.1569 (2019 high Jan.10).
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.