EUR/USD Makes Fresh 10-Week Lows

EUR/USD Makes Fresh 10-Week Lows

24 May 2016, 18:48
Roberto Jacobs
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EUR/USD Makes Fresh 10-Week Lows

The euro has continued losing ground to the greenback on Tuesday, with the shared currency under pressure amid equity gains and dragged down by the EUR/GBP cross and the dollar retaining a bid tone.

EUR/USD broke below the 100-day SMA and slid to its lowest level in over 2-months at 1.1139 in recent dealings. At time of writing, the pair is trading at 1.1145, recording a 0.69% loss on the day.

EUR/USD technical levels

In terms of technical levels, immediate supports are seen at 1.1102 (200-day SMA/psychological level), 1.1057 (Mar 16 low) and 1.1024 (Mar 7 low). On the flip side, resistances line up at 1.1242 (May 23 high), 1.1315 (50-day SMA/May 18 high) and 1.1348 (20-day SMA).


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