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12 Mar 2020

EUR/USD tumbles to 1.1130 on USD-buying

  • EUR/USD plummets to 1.1130, fresh weekly lows.
  • The dollar regains traction on risk-off environment.
  • ECB’s Lagarde said COVID-19 will have a considerable impact on economy.

EUR/USD has now accelerated the downside and is navigating the area of weekly lows in the mid-1.1100s losing around 1% at the time of writing.

EUR/USD weaker on USD-strength

EUR/USD is losing further ground in the second half of the week and navigates fresh multi-day lows in the 1.1150 region in response to the sudden pick-up in the demand for the greenback, which is regaining momentum vs. all its main rivals.

The pair has quickly left behind the key support at 1.1200 the figure and extended the drop to the 1.1130 region, trading at shouting distrance from the critical 200-day SMA just above the 1.1100 mark.

Earlier in the session, the ECB left the policy rates unchanged in spite of the recent interest rate cuts by its peers, namely the Fed, the BoE, the RBA and the BoC.

EUR/USD levels to watch

At the moment, the pair is losing 0.41% at 1.1223 and faces the next support at 1.1197 (weekly low Mar.12) followed by 1.1186 (61.8% Fibo of the 2017-2018 rally) and finally 1.1101 (200-day SMA). On the flip side, a break above 1.1495 (2020 high Mar.9) would target 1.1514 (high Jan.31 2019) en route to 1.1569 (2019 high Jan.10).

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