EUR/USD falls to fresh four-month lows as the dollar stays in the driver’s seat

EUR/USD falls to a fresh four-month low of 1.1825 to start the session

EUR/USD D1 24-03
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The dollar looks poised to extend its upside momentum on the week and as it challenges key technical levels across multiple charts, things are starting to line up strongly in favour of the greenback as buyers push the agenda.

For EUR/USD, this is seeing price tumble further on the week to its lowest level since 23 November last year.

The drop yesterday took out the 200-day moving average (blue line) and price has now broken the early March lows @ 1.1836, leaving little in the way of a push to 1.1800 next.

In the bigger picture, the 100-month moving average sits @ 1.1820 so that might be one to look out for but I would argue that the 1.1800 handle is where stops will be lined up for the pair – with large expiries nearby rolling off tomorrow too.

A break below the figure level will then pave the way for a potentially bigger drop towards the September and November lows closer to 1.1600 – going by the charts.

Source

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