The EUR/USD continued to drop and failed to hold above 1.0600 due to a stronger US Dollar across the board. Risk aversion supported the Greenback on T
recorded its highest daily close in months, surpassing 106.10. US yields remained near recent highs, with the 10-year yield at 4.54%. Despite weaker-than-expected US economic data on Tuesday, including New Home Sales falling to 675,000 in August and the CB Consumer Confidence dropping from 108.7 to 103, the USD was not significantly affected.
Equity prices declined in Wall Street, with the Dow Jones falling by 1.15% and the Nasdaq dropping by 1.54%. The deteriorating market sentiment further fueled the Dollar's rally. On Wednesday, the US will report Durable Goods Orders. The next key reports to watch for will be German and Spanish inflation data on Thursday, while on Friday, the US will release the Core PersonalEUR/USD short-term technical outlook
The EUR/USD briefly traded above 1.0600 but quickly turned downward again. The pair reached a low of 1.0561. The daily chart indicates a bearish bias, and the pair continues to search for support. The negative bias will persist as long as the pair remains below 1.0735. On the 4-hour chart, a clear bearish bias is evident, with the next significant support area at 1.0550, which is expected to limit the decline in the coming hours. Technical indicators suggest further losses; however, the Relative Strength Index is below 30, indicating oversold conditions. On the upside, the Euro needs to reclaim 1.0610 in order to alleviate the bearish pressure. If the Euro falls below 1.0550, it could potentially accelerate further to the downside.
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