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EUR/USD hovers near three-week lows as USD demand firms
The pair was around 1.1379, with the US Dollar Index near 101.4 after recovering from an intraday low of 100.94.
EUR/USD traded on the back foot on Thursday, driven by higher oil prices tied to the expanding war in the Middle East and by expectations for a more hawkish Federal Reserve. FXStreet said the dollar benefited as those forces increased demand for the USD.
At the time of writing, EUR/USD was around 1.1379, close to three-week lows, while the US Dollar Index, which tracks the greenback against a basket of six major currencies, was around 101.40 after an intraday low of 100.94.
On the charts, the pair has formed a base above 1.1350, but technical risks are building. FXStreet noted that EUR/USD remains below the 21-day SMA at 1.1415 and the 50-day SMA at 1.1504, with the 100-day SMA at 1.1576 reinforcing a bearish structure, while RSI at 39 stays below the neutral 50 level.
FXStreet highlighted that a sustained break below 1.1350 could lead to deeper losses, while holding above that level may support a corrective rebound toward nearby moving averages and keep focus on resistance levels around 1.1415, 1.1504, and 1.1576.
Latest closeEUR/USD 1.153 ▼0.2%|Dollar index 99.99 ▲0.2%