The prospects for further policy tightening by the Federal Reserve trigger a fresh leg up in the US Treasury bond yields, which continues to underpin the US Dollar . Apart from this, expectations that additionalrate hikes may be off the table for now act as a headwind for the EUR/USD pair. That said, the risk-on impulse holds back traders from placing fresh bets around the safe-haven Greenback and lends some support to spot prices.
Some follow-through selling below the daily low, around the 1.0555 area, will reaffirm the negative bias and drag spot prices back below the 1.0500 psychological mark, or the lowest level since January touched last week. The latter coincides with the lower end of the aforementioned trend channel and should act as a pivotal point. A convincing break below will, in turn, set the stage for an extension of the downward trajectory towards testing the 1.0400 round figure.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
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