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Having hit fresh monthly lows at 1.1810 levels last hour, the EUR/USD pair has entered a phase of downside consolidation, as the bulls failed to take on the recovery above the support-turned resistance zone near 1.1820/30.
EUR/USD: Next support seen at 1.1773 (Aug 28 low)
The main currency pair maintains its offered tone intact, as the bears gather pace for a break below 1.18 handle amid persisting broad USD demand, backed by a renewed uptick seen in Treasury yields across the curve.
Risk-off moods fuelled by escalating geopolitical tensions between the US and North Korea appear to have eased a bit, thereby triggering the demand for the higher-yielding assets such as the equities, Treasury yields etc.
Additionally, the recent downbeat German IFO business surveys paired with disappointing German election outcome also collaborates to the bearish bias seen behind EUR/USD. Meanwhile, markets digest the cautious remarks from the ECB Chief Draghi delivered yesterday, as attention now turns towards the US macro updates and Fed Chair Yellen’s speech due later in the NA session.
EUR/USD Technical Set-up
Valeria Bednarik, Chief Analyst at FXStreet, noted: “In the 4 hours chart, the price is developing below all of its moving averages, with the 200 SMA converging with the mentioned trend line in the 1.1890 region, further reinforcing the level as resistance, whilst technical indicators maintain their sharp bearish slopes, entering oversold levels. Below the mentioned daily low, the next support comes at 1.1772, August 26th low, en route to the 1.1730 region. Resistances today come at 1.1850 and the mentioned 1.1890 price zone.”
