EUR/USD: continues to crack, hits session low of 1.0930

EUR/USD: continues to crack, hits session low of 1.0930
FXStreet (Mumbai) – The EUR sellers have been relentless in the European session, gaining more strength after the release of weaker PMI reports. The EUR/USD spot hit a fresh session low of 1.0930.

EUR drops along with German bund yields

The German 10-year Bund yield dropped more than two basis points to a low of 0.715%. The yields in the periphery countries also weakened. Meanwhile, the US 10-year Treasury yield remained resilient around 2.279%.

The yields came under pressure, thereby pushing the EUR lower, after the gauge of private sector activity in Germany fell to two-month low. Activity across the Eurozone also dipped to two-month low but stayed near 4-year highs. The spot was heavily offered after it broke below 1.0963 (76.4% of May-June rally).

EUR/USD Technical Levels

The pair currently trades around 1.0935. The immediate support is seen at 1.0920 (hourly 200-MA), followed by a major support at 1.0868 (July 22 low). On the other hand, resistance is seen at 1.0964 (50% of Mar-May rally), followed by the resistance at 1.10 handle.
For more information, read our latest forex news.
EUR/USD: continues to crack, hits session low of 1.0930
Source: FXStreet