untitled design

EUR/USD continues downhill and makes lows below 1.0400

  • The dollar remains firm in a cautious context.
  • Inflation in the Eurozone marks a new record in June.
  • EUR/USD low of the year exposed again.

The EUR/USD recovery is behind us and is under pressure again. The pair is trading at daily lows at 1.0397, with a bearish tone, in a context of a general rise in the dollar.

Inflation does not stop in the Eurozone

Hours ago it was known that inflation in the Eurozone in June reached a new record of 8.6% (annual), rising more than expected. The data has the aggravating circumstance that in Germany there was a slowdown due to temporary factors.

The rise in inflation along with the latest data contributes to fortifying fears of a recession. In the US, the manufacturing ISM for June will be published in a few minutes.

The dollar is among the best-performing currencies, even as Treasury yields decline. At the same time German titles are also soaring.

Technically, EUR/USD could not sustain the rebound after failing to hold above 1.0470. The pullback accelerated after losing 1.0440. Below 1.0400 the next support is seen at 1.0380 and then the low for the year appears at the 1.0350 area. On the upside, resistances are at 1.0440 and then 1.0490.

Technical levels

EUR/USD

Panorama
Last Price Today 1.0407
Today’s Daily Change -0.0077
Today’s Daily Change % -0.73
Today’s Daily Opening 1.0484
Trends
20 Daily SMA 1,055
50 Daily SMA 1.0579
100 Daily SMA 1.0811
200 Daily SMA 1.1114
levels
Previous Daily High 1.0489
Previous Daily Minimum 1.0383
Previous Maximum Weekly 1.0606
Previous Weekly Minimum 1.0469
Monthly Prior Maximum 1.0774
Previous Monthly Minimum 1.0359
Daily Fibonacci 38.2% 1.0448
Daily Fibonacci 61.8% 1.0423
Daily Pivot Point S1 1.0415
Daily Pivot Point S2 1.0345
Daily Pivot Point S3 1.0308
Daily Pivot Point R1 1.0521
Daily Pivot Point R2 1.0558
Daily Pivot Point R3 1.0627

Source: Fx Street

You may also like

Get the latest

Stay Informed: Get the Latest Updates and Insights

 

Most popular