EUR/USD slides further to 1.0650, still above weekly lows

The euro extended losses against the US dollar during the American session amid a stronger US dollar. The greenback jumped in the market following comments about a tax reform from Donald Trump, that would be announced over the next weeks. 

EUR/USD fell to 1.0649, hitting a fresh daily low and currently is hovering around 1.0655, down 0.32% for the day so far. In Wall Street, the Dow Jones soared to new record highs after Trump’s comments and it was up 0.69%. US bond yields rose further and the 10-year climbed from 2.33% to 2.39%. 

Despite the decline, the euro managed to held above yesterday’s lows but still remains under pressure. The pair is headed toward the lowest daily close in three weeks. 

EUR/USD levels 

Resistance levels might be seen at 1.0665/70 (European session low), 1.0690 (downtrend line from February highs) and 1.0710/15 (Feb 8 high). On the opposite direction, support could be located at 1.0650 (daily low), 1.0640 (weekly low), 1.0617 (Jan 30 low) and 1.0585 (Jan 19 low).