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9 Apr 2015
EUR/USD drops below 1.0700
FXStreet (Córdoba) - EUR/USD broke below the 1.0700 level and slid to fresh 3-week lows as dollar demand intensified during the American session.
EUR/USD came under renewed pressure once the 1.0725/30 support area gave up and fell to its lowest level since March 20 at 1.0679 in recent dealings. The dollar is on recovery mode, rising for fourth day in a row versus the euro after shrugging off disappointing nonfarm payrolls data. Yesterday’s FOMC minutes showed June rate hike was still on the cards, fueling USD strength.
Meanwhile, on the other side of the Atlantic, Greece finally made a EUR 460-million payment to the International Monetary Fund, a payment that many feared the country wouldn’t be able to face. However, the euro was unimpressed.
EUR/USD levels to watch
At time of writing, EUR/USD is trading at 1.0685, recording a 0.87% loss on the day. Immediate supports could be found at 1.0648 (Mar 20 low) and 1.0613 (Mar 19 low). On the flip side, resistances are now seen at 1.0730 (intraday level), 1.0788 (daily high) and 1.0840 (200-hour SMA).
EUR/USD came under renewed pressure once the 1.0725/30 support area gave up and fell to its lowest level since March 20 at 1.0679 in recent dealings. The dollar is on recovery mode, rising for fourth day in a row versus the euro after shrugging off disappointing nonfarm payrolls data. Yesterday’s FOMC minutes showed June rate hike was still on the cards, fueling USD strength.
Meanwhile, on the other side of the Atlantic, Greece finally made a EUR 460-million payment to the International Monetary Fund, a payment that many feared the country wouldn’t be able to face. However, the euro was unimpressed.
EUR/USD levels to watch
At time of writing, EUR/USD is trading at 1.0685, recording a 0.87% loss on the day. Immediate supports could be found at 1.0648 (Mar 20 low) and 1.0613 (Mar 19 low). On the flip side, resistances are now seen at 1.0730 (intraday level), 1.0788 (daily high) and 1.0840 (200-hour SMA).