EUR/USD hits fresh 4-week lows below 1.0550

FXStreet (Mumbai) - The shared currency remained heavy versus the greenback in the mid-European session, knocking off EUR/USD closer to 1.05 barrier, largely on the back of renewed USD bid wave across the board amid a data-dry EUR calendar.

EUR/USD eyes 1.05

The EUR/USD trades lower by -0.48% at 1.552 levels, close fresh four week lows posted at 1.0549 levels with a swing low at 1.05 in sight. EUR/USD fell further into losses as a fresh round of USD buying was witnessed which pushed the greenback higher to fresh four week highs versus the euro.

Moreover, the major remains pressured as today’s trading is likely to be driven by sentiment and by yield differentials between US and EU bonds amid lack of macro news in the data ahead.

Meanwhile, EUR/USD breached the key 1.06 barrier and is on track with its underlying heavy tone which may lead the pair to print new cycle lows below the 1.05 handle.

EUR/USD Technical Levels

The pair has an immediate resistance at 1.0619 (Today’s High) levels, above which gains could be extended to 1.0700 levels. On the flip side, support is seen at 1.0500 below which it could extend losses to 1.0460 (March 8 Low) levels.