EUR/USD fails to recover ground above 1.1800

  • EUR/USD consolidating in a range, near monthly lows..
  • Euro remains above yesterday lows but heads for the lowest close since mid-December

The EUR/USD pair is moving in a range, consolidating modest daily losses. The pair bottomed at 1.1775 and then rebounded. The recovery was capped by the 20-hour moving average at 1.1805/10.

Price is moving between 1.1780 and 1.1810, on it was to the lowest close since December 18. It is the third daily decline in-a-row for the euro against the US dollar.

The greenback continues to be supported by US yields. The 10-year rose above 3.10% to fresh multi-year highs. While Italian politic continues to influence on the Euro. Italian bond yields hit monthly highs today before pulling back.

Technical levels

To the upside, resistance levels might be located at 1.1810, 1.1835 (May 17 high) and 1.1855 (May 16 high). On the flip side, support could be seen at 1.1775 (May 17 low) followed by 1.1750 and 1.1715/20.

 


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