The EUR/USD has opened on Easter Monday down more than 35 pips from Asian opening highs at 1.0821 to a new two-day low hit in European morning at 1.0783.
With most European countries still enjoying the Easter holidays, market conditions remain weak. The US dollar stands out as the absolute protagonist in this context, also favored by the climate of risk aversion caused by the intensification of Russian attacks in Ukraine and by the increase in US Treasury bond yields.
The DXY index that measures the greenback is approaching two-year highs today reached last Friday at 100.76. At time of writing, the dollar is trading above 100.73, gaining 0.24% daily. For their part, the US bond yields reach new ceilings since 2018 at 2.88%.
Market sentiment is risk aversion after Russia caused at least six deaths in an attack on the Ukrainian city of Lviv, just 70 kilometers from the border with Poland. In addition, Moscow continues to bomb Donetsk, Lugansk and Dnipropetrovsk provinces.
With no data on the economic calendar, the focus will remain on market sentiment and upcoming developments around the Russia-Ukraine conflict.
EUR/USD Levels
With the pair currently trading above 1.0788, shedding 0.19% daily, the next relevant support appears at 1.0757, minimum of April 14 and of the last two years. Further down awaits the level 1.0727floor of April 24, 2020, and 1.0636minimum of March 23, 2020 and of the last five years.
To the upside, the euro would need to recover the area 1.0900 to be able to take a consistent push towards the level 1.1000. Above, the main resistance appears at 1.1184March 31 ceiling.
Source: Fx Street
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