EUR/USD under pressure, eyeing key support at 1.0900

By FXStreet FXStreet (Mumbai) – Despite persisting risk-off environment, the sentiment towards the US dollar remains buoyed and thus, keeps the EUR/USD pair undermined during the late-Asian trades.

EUR/USD holds above 1.0900 – key support

Currently, the EUR/USD pair trades -0.12% lower at 1.0913, hovering close to fresh session lows reached at 1.0908 in last hours, just ahead of 1.09 handle where 5 & 20-DMA intersect. The main currency pair reversed a spike to 1.0970 seen in early Asia and came under renewed selling pressure, as the US dollar regained lost momentum against its major peers.

The USD dollar remains underpinned on the back of the solid US jobs data released last Friday. However, the losses in the EUR/USD pair appear limited as the greenback may revert to the red zone due to the weakness in the US treasury yields. The benchmark 10-year yields on the T-notes drop -1.74% to 2.116, while the 2-year yields record a -2.11% loss so far, trading at 0.936%. The continuous decline in the treasury yields since the start of 2016, raise doubts over the Fed’s future rate hike prospects.

In the day ahead, markets will track the sentiment on the European and US stocks amid a data …read more

Source:: FX Street