EUR / USD further loses control, dipping to 3-week lows near 1.1750

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  • EUR / USD collapses at 1.1750, or multi-week lows.
  • The dollar climbs to monthly highs just below 93.00.
  • US retail sales and the Philadelphia Fed index beat estimates.

The single currency loses more ground and drags the EUR / USD towards the zone 1.1750 on Thursday, or new 3-week lows.

EUR / USD weakened on the advance of the USD

The EUR / USD downtrend gains strength and breaks below the 1.1800 level quite convincingly, sending the pair to levels last seen in mid-August near 1.1750, where some support appears to have appeared.

US 10-year bond yields rise and flirt with weekly highs near 1.35% in response to the better-than-expected results of the US agenda at the beginning of the session, lending to the same time new wings to the dollar.

In fact, US top retail sales expanded 0.7% MoM in August and 1.8% MoM on top sales. In the same vein, the Philadelphia Fed index improved to 30.7 for the month of September, well above expectations. Additionally, initial claims increased by 332,000 month-on-month in the week ending September 11.

Technical levels

So far, the pair is shedding 0.53% at 1.1752 and faces the next bullish barrier at 1.1845 (weekly high on Sept. 14) followed by 1.1909 (monthly high on Sept. 3) and finally 1.1928 (100-day SMA). On the other hand, a break below 1.1750 (September 16 monthly low) would target 1.1704 (March 31 monthly low) en route to 1.1663 (August 20, 2021 low).

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