EURUSD hits parity ❗

10:53 AM 12 July 2022

EURUSD drops to 1.00 for the first time in 20 years!

USD continues to outperform euro, causing EURUSD to reach parity for the first time since late-2002. Concerns over recession in Europe resulting from a potential complete halt to Russian gas supplies are putting a drag on common currency. On top of that, the slow ECB response to accelerating inflation compared to Fed is adding to pressure. EURUSD finally dropped below 1.00 after a few hours of struggle. A drop was brief and traders may expect the pair to hover in the area for some time.

EURUSD dropped below 1.00 for the first time since late-2002. The next potential support to watch can be found in the 0.9630 area and is marked with local highs and lows from 2001 and 2002. Source: xStation5

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