The EUR/USD lost over a hundred pips on Monday, resuming the downside that started on Friday's American session, dropping below 1.0500 to hit multi-mo
The key driver for EUR/USD continues to be the strong US Dollar. The combination of risk-off sentiment in global markets and higher yields continues to add fuel to. The DXY is slightly below 107.00, rising for the sixth day out of the last seven days. Wall Street posted mixed results after the relief rally following the agreement among US lawmakers to avoid a government shutdown. At the same time, US yields remain firm, with the 10-year reaching 4.
On the upside, the initial resistance is around the 1.0525 area, followed by 1.0550, which is a confluence of a horizontal resistance area and the 20-Simple Moving Average in the 4-hour chart. A recovery above 1.0550 would improve the outlook for the Euro. Technical indicators on the intermediate charts show a bearish bias, with the Relative Strength Index below 30, indicating oversold levels.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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