EUR/USD falls to new weekly lows amid stocks sell-off

• Stocks sell-off in the final day of a turbulent week.
• EUR/USD slips to new 2-week lows towards 1.22.

The EUR/USD reached a low of 1.2205, below the previous daily low of 1.2227 and the last trough for the week at 1.2212. The pair is at the lowest since January 22nd. 

US stock markets opened higher but failed to hold their gains. Markets turned red as traders are seen as taking out positions ahead of the weekend at the end of a turbulent week. The stock market fell sharply on Monday and then again on Thursday.

The risk-off sentiment is pushing the dollar and the yen higher against the other currencies. 

EUR/USD levels to watch

The round number of 1.22 is the immediate level. It is closely followed by 1.2160, a low point in mid-January. Further down, 1.2090 was the 2017 high and a double-top.

On the upside, the round number of 1.23 was the top of the recent range. 1.2350 capped the pair beforehand, and 1.2405 served as resistance early in the week.