EUR/USD dips below 200-DMA

US dollar is resilient against the common currency despite weakness in the treasury yields. The EUR/USD pair is losing ground after dipping below 200-DMA level of 1.1094 levels.

Flirts with 50% Fibo

At the time of writing, the pair was flirting with 1.1088 (50% of 1.0463-1.1714). Dollar is trading either flat or on the backfoot against most major currencies, courtesy of the decline in the treasury yields.

However, the greenback has managed to etch out moderate gains against Euro. The pair retreated from the NY session high of 1.1112 and dipped below 200-DMA level. The pair remains at the mercy of the broader market sentiment in Europe. German industrial production release is unlikely to result in significant moves.

EUR/USD Technical Levels

The immediate hurdle is noted at 1.1094 (200-DMA), above which the spot could target 1.1131 (June 16 low). A break higher could yield 1.12. On the other hand, acceptance below 1.1088 (50% of 1.0463-1.1714) would open doors for a slide to 1.1062 (Tuesday’s low). A break lower could yield 1.1029 (previous day’s low).