EUR/USD reverses from 1-month highs and prints fresh daily lows

A stronger US dollar across the board pushed EUR/USD to the downside. The pair fell to 1.0724, hitting a fresh daily low; a few hours ago it traded above 1.0770, at the strongest in a month. 

Near the end of the American session, EUR/USD remains near daily lows as equity prices in Wall Street accelerate to the upside. The Dow Jones was up 0.67% and the S&P 500, that reached new all-time-highs, was gaining 0.71%. At the same time, US yields turned sharply higher with the 10-year above 2.45%. 

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EUR/USD technical outlook 

According to Valeria Bednarik, Chief Analyst from FXStreet the pair maintains a bullish tone, despite the lack of upward momentum and is still poised to test a major resistance area between 1.0800 and 1.0840. “In the 4 hours chart, the 20 SMA has turned sharply higher below the current level, having surpassed by a few pips a key Fibonacci support at 1.0710, whilst technical indicators have lost their upward strength, but hold well above their mid-lines.”