The Euro to US Dollar exchange rate is at 1.08949, while the US Dollar Index is increasing and approaching 103.50, which marks the highest level it has reached this month.

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• The US Dollar Index rises toward 103.50, reaching monthly highs.

The pair currently trades last at 1.08949.

The previous day high was 1.1005 while the previous day low was 1.0943. The daily 38.2% Fib levels comes at 1.0967, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0981, expected to provide resistance.

The EUR/USD accelerated its decline, falling below 1.0900 to the lowest level since July 7 amid a stronger US Dollar.

The combination of higher US yields and cautious equity markets continues to support the US Dollar. The US 10-year yield stands at 4.20%, the highest since November, while the 2-year reached 4.96%. On Wall Street, the Dow Jones is falling by 0.15%, and the Nasdaq is sliding by 0.04%.

The US Dollar index has risen from under 103.00 to 103.45, the highest since July 6. The bias remains to the upside. The US Dollar is breaking important technical and psychological levels against most of its main rivals, strengthening the upward move even as market participants expect the Federal Reserve to keep rates unchanged at the September FOMC meeting following last week’s data.

As for the Euro, it is lagging on Monday, with EUR/GBP trading below 0.8610, the lowest in five days and EUR/CHF breaking below 0.9600, approaching August lows.

The EUR/USD has fallen below the important support area at 1.0925 and below the 55-day and 100-day Simple Moving Averages. A consolidation below 1.0900 would point to further weakness in the Euro.

So far, the EUR/USD has bottomed at 1.0874. The next support area is located at 1.0860, and below that, attention would turn to the July low at 1.0830. A recovery above 1.0900 could alleviate the bearish pressure, but the Euro needs to rise above 1.0970 to remove the negative bias.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0882 at the time of writing. Pair opened at 1.0946 and is trading with a change of -0.58 % .

The pair is trading below its 20 Daily moving average @ 1.1043, below its 50 Daily moving average @ 1.0962 , below its 100 Daily moving average @ 1.0929 and above its 200 Daily moving average @ 1.0772

The previous day high was 1.1005 while the previous day low was 1.0943. The daily 38.2% Fib levels comes at 1.0967, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0981, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.0924, 1.0903, 1.0862
• Pivot resistance is noted at 1.0986, 1.1027, 1.1049

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