EUR/USD prints fresh lows near 1.0580 on Sentix

The EUR/USD pair failed several attempts to conquer 1.06 handle, and now drops back into the red to post fresh session lows of 1.0577.

The bears eye a retest of multi-week troughs struck earlier at 1.0570, as better-than expected Eurozone Sentix Investor Confidence data failed to lift the sentiment around the Euro and left markets largely unimpressed.

Moreover, fresh buying interest seen around the greenback versus its main peers amid a cautious tone seen in the European equities, also adds to the renewed downside in EUR/USD. The USD index bounced-off lows at 100.08 to now trade around 101.15, up +0.07% on the day.

The spot also looked past hawkish comments from the ECB board member Mersch over the weekend, as the underlying sentiment is mainly driven by the USD dynamics heading into the Fed Chair Yellen’s speech due on the cards in the American afternoon.

EUR/USD Technical Levels   

Technical resistances for the pair are aligned at 1.0600/12 (zero figure/ 5-DMA), 1.0641/53 (10 & 50-DMA) and finally 1.0687/90 (Apr 6 & 5 high). On the flip side, the spot finds next support at 1.0570 (multi-week low), a break below that level could open the door to 1.0533/23 (Mar 8 & 9 low) and 1.0500 (key support).