EUR/USD dips back below 1.0900

By FXStreet FXStreet (Córdoba) – EUR/USD has fallen back to the lower side of its daily range after being rejected from the 1.0970 area during the Asian session.

EUR/USD came under pressure on Monday and dropped nearly 100 pips to slid back below the 1.0900 level during the European session. However, with the downside contained by the 1.0870 region the pair has spent the last hours in a narrow range around 1.0900.

In the absence of first-tier data, investors continue to focus on Chinese turmoil and oil prices’ rout for near-term direction. Last Friday, a better-than-expected US nonfarm payrolls report failed to trigger a dollar rally.

EUR/USD levels to watch

As for technical levels, next resistances are seen at 1.0933-39 (Jan 7 & 8 highs), 1.0990 (Dec 28 & 29 highs) and 1.1038 (100-day SMA). On the other hand, immediate supports could be found at 1.0822 (50-day SMA), 1.0770 (Jan 7 low) and 1.0710 (Jan 5 low).
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Source:: FX Street