EUR/USD back under pressure, hits fresh multi-month lows

EUR/USD dropped further and broke below yesterday’s lows, printing a new 11-month low at 1.0655. The pair remains near the lows, weakened after US economic data and Yellen’s testimony at the US Congress. 

Unable to take a pause

The pair is falling for the nineth day in a row. Earlier today it was in positive territory but after approaching 1.0750 lost strength. Then US data with better-than-expected readings in jobless claims and housing data gave some support to the US dollar. Greenback accelerated after Yellen warned about the risk of delaying the rise in interest rates. 

The euro also weakened during the last hour across the board and also printed fresh lows versus the pound. 

EUR/USD levels

The pair is back under the 1.0700 handle that was signaled by many analysts as an important support. A consolidation below would keep the pair under pressure. 

To the downside, support might be seen at 1.0640  (Nov 27 2015 high and Dec 3 2015 low) followed by 1.0600 (psychological) and 1.0550 (Dec 2 2015 low). On the upside resistance lies at 1.0700 (20-hour moving average), 1.0745 (daily high) and 1.0755 (Nov 16 high). 

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