- The US dollar continues to rise during the US session, unaffected by lower yields.
- The next support area is at 1.1845 / 50.
The pair EUR/USD it fell further and reached 1.1844, the lowest intraday level since early April. The pair quickly climbed back above 1.1850; however, the euro remains under pressure, struggling to hold above the 1.1845 / 50 support. The US dollar strengthened across the board during the US session amid month-end flows.
The US dollar gained momentum even amid lower US yields and a rally in Wall Street stock indices. The 10-year yield fell to its lowest level since June 21 below 1.45%, while the Dow Jones is up 0.45% and the Nasdaq remains negative (-0.08%), but far from lows.
Wednesday’s key economic report beat expectations: ADP’s employment report showed an increase in private payrolls of 692,000 (up from 600,000). Unemployment claims will be released on Thursday and NFP numbers on Friday.
Kaplan’s comments from the Fed also helped the dollar during the US session. He said he’s ready to cut back sooner “because of questions about efficacy and side effects.”
EUR / USD outlook
The pair is pushing towards the 1.1845 / 50 support, and a consolidation below should leave the euro vulnerable to further losses. The next support is at 1.1830 / 35 followed by 1.1795. If the euro manages to stay above 1.1845, it should keep losses limited. A recovery above 1.1900 / 1.1910 would ease the downward pressure.
Technical levels
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