EUR/USD breaks below 1.0700 and falls to 2-week lows

The US dollar gained momentum across the board and pushed EUR/USD to break the 1.0720 support area. The pair accelerated the decline and bottomed at 1.0684, hitting the lowest level since March 15, the day of the rate hike from the Federal Reserve. 

The recent slide took the daily loss to more than 50 pips. While the US dollar strengthened in the market, the euro remained among the weakest currencies. 

EUR/USD is falling for the third day in a row. The decline started on Monday during the American session, after the pair reached monthly highs above 1.0905. Since then it has been moving with a clear downside bias. It accumulates a slide of more than 200 pips. 

Technical levels 

For the first time in four weeks, the price has fallen below the 20-day simple moving average, that stands at 1.0705. So far, it is consolidating below the strong support located between 1.0700/05. 

If the decline continues, support levels could be seen at 1.0680/85 (daily low), 1.0630 (Feb 27 & 28 high) and 1.0585 (Feb 13 low). To the upside, resistance now could be located at 1.0705 (previous support/20-day SMA), 1.0725 (Mar 17 low) and 1.0765 (daily high).