EUR/USD tumbles further to 1.1750, fresh 2018 lows

The pair tests new multi-month lows in the mid-1.1700s.
The US Dollar Index trades closer to the 94.00 milestone.
US 10-year yields stay in lows around 3.08%.

Pablo Piovano FXStreet

The downside momentum around the shared currency is gathering further traction today and is dragging EUR/USD to record fresh lows in the mid-1.1700s.

EUR/USD now looks to 1.1718

The pair has been trading in the negative territory for the last five sessions, coming under extra selling pressure following the rejection from Monday’s peaks in the 1.2000 neighbourhood.

On the other side, the sentiment around the buck remains robust, motivating the US Dollar Index (DXY) to advance to fresh tops in the 93.80 region - levels last visited back in December 2017 – in spite of the leg lower in US 10-year yields.

In the meantime, the pair is falling further into the oversold area, as the RSI is hovering over the 25.0 level, all opening the door for a potential visit to the 1.1718 level (low December 2017).

EUR/USD levels to watch

At the moment, the pair is losing 0.28% at 1.1762 and a breakdown of 1.1750 (2018 low May 18) would target 1.1718 (monthly low Dec.12 2017) en route to 1.1553 (monthly low Nov. 7 2017). On the flip side, the next resistance aligns at 1.1867 (10-day sma) seconded by 1.1996 (high May 14) and finally 1.2021 (200-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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