US dollar is trading higher against most major peers at the beginning of a new week. USD is being supported by risk-off moods seen outside of Europe, especially on Nasdaq futures, as well as another jump in yields with 10-year yields trading just slightly below 1.6%. EURUSD continues to move lower following a break below the upward trendline and the lower limit of the Overbalance structure last week. The pair is attempting a break below the 1.19 zone, that is additionally being strengthened by the 200-session moving average. EURUSD has reached a daily low near 1.1880 - the lowest level since late-November 2020. In case we see a meaningful break below the 1.19 zone, downward move may deepen towards the next support at 1.1715 - the lower limit of the August-September 2020 trading range.
Source: xStation5
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