EUR/USD closing in on 100-DMA

By FXStreet FXStreet (Mumbai) – The weak tone on the EUR/USD pushed it to yet another session low of 1.1131; which is just few pips short of its 100-DMA currently located at 1.1125.

EUR under pressure as US index futures rise

The S&P 500 futures are indicating the index is likely to open 20 points or 1% higher. Consequently, the funding currency like EUR is under pressure. The common currency failed to take out the 200-MA on the hourly chart and eventually dropped below hourly 100-MA and critical support at 1.1155.

The bearish pressure may persist if the US stocks manage to latch on to their gains. Investors shall also keep an eye on the possible shift in the September Fed rate hike expectations, represented by the 2-year treasury yield and fed fund futures.

EUR/USD Technical Levels

The spot currently trades around 1.1140. The immediate resistance is seen at 1.1159 (hourly 100-MA), above which the spot could target 1.12 levels. On the other side, support is seen at 1.1125 (100-DMA) and 1.1084 (50-DMA).
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Source:: FX Street