EUR/USD slips to session low as dollar catches a bid

Technical Analysis

Author: Justin Low | eurusd

The dollar is advancing across the board as a hint of risk off hits markets


ForexLive
A mildly sharp move lower across risk assets is helping to lead to some bids in the greenback and the yen on the day, but more so for the former. EUR/USD now falls to a low of 1.1483 on the day while the dollar also erases earlier losses against the aussie, kiwi and loonie too.

The move coincides with a minor dip in US equity futures and oil prices. E-minis fell by about 0.2% while WTI crude fell from $74.80 to $74.60 in a quick move.


Of note, European equities have also turned into the red on the day and is nearing session lows at the moment. Concerns about Italy is starting to weigh again as Italian bond yields are now inching back up on the day. 10-year yields started the session around 3.51% but is now up by 8 bps to 3.59%.

As for EUR/USD, price appears to be making a break back below the 100-hour MA (red line) @ 1.1499 and that would signal that near-term bias is turning more bearish. Support is next seen at the 1.1465 level followed by overnight lows close to 1.1430.

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