EUR/USD falls to 1.0759, the lowest level since 24 March
EUR/USD is hitting fresh lows on the session, touching its lowest levels in a month now as we see price fall under the 6 April low of 1.0769.
For sellers, keeping below the above level will be key to drive price towards the March lows around 1.0636-55 next.
The drop in the euro is largely coming after the dismal PMI data earlier, which was much worse than anticipated. But from a technical perspective, the break under near-term support around 1.0820-30 and the 1.0800 level has been key to drive downside momentum.
Overall, the dollar is trading more mixed today as the market mood remains more tepid still. European stocks are alternating between mild gains and losses, similar to US futures.
There is still the the US weekly jobless claims to watch out for but for the euro, there is more to the day with European leaders set to discuss on the virus recovery fund.
As for now, keep below the 1.0769 low and the momentum will side with sellers on the way towards the March lows highlighted. Keep above and perhaps buyers can use that as a platform to build on in the near-term.
