EUR/USD Retreats To Three-week Lows On Stronger Dollar

The EUR/USD pair is under pressure. The EUR/USD pair sharply dropped during the US session and is obviously facing increasing bearish pressure near a critical support at 1.0110. A break below 1.0100 would bring about parity.

On Thursday, the pair touched the 1.0107 level which is, in fact, the lowest level since July 27. The pair remains near lows amid a stronger Us dollar across the board. The dollar strengthened even as US yields remained steady and also as stocks in Wall Street sideways. The DXY is up 0.55%, at monthly highs near 107.30. The US Dollar Index Spot reading at the time of writing is 107.3700

Economic data refers to Initial Jobless Claims declining to 250,000, below expectations, Philly Fed jumped to 6.2 in August from -12.3, also surpassing expectations, but Existing Home Sales fell to 4.81M, marking decline for the sixth month.

The Euro looks forward to recovering 1.0135 to avoid more losses. The next resistance stands at 1.0160 followed by the strong barrier near 1.0200.