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EUR/USD downside gathering steam, near 1.1270

FXStreet (Edinburgh) - The selling pressure around EUR is picking up further pace on Monday, now sending EUR/USD to test fresh lows in the boundaries of 1.1270.

EUR/USD lower on USD strength

The risk-associated assets continue to suffer the continuation of the recent recovery in the greenback, with the bid tone around USD also exacerbated by the upbeat momentum of US yields.

The sentiment in the broader markets continues to favour the dollar despite the Federal Reserve reiterated its steady stance at last week’s meeting. In the meantime, while markets keep digesting the Fed’s decision, traders will remain vigilant on several speeches by FOMC members ahead in the week, as they might shed further light not only on the decision per se but also on the potential timing of the lift-off.

EUR/USD key levels

The pair is retreating 0.17% at 1.1281 with the initial support at 1.1258 (low Sep.15) followed by 1.1214 (low Sep.16) and finally 1.1171 (low Sep.10). On the flip side, a breakout of 1.1331 (high Sep.21) would aim for 1.1373 (high Sep.14) and then 1.1441 (high Sep.17).

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