The EURUSD currency pair is currently trading near 1.0580, close to its lowest point since March.

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• EUR/USD trades around 1.0580 close to the lowest levels since March.

The pair currently trades last at 1.05859.

The previous day high was 1.0656 while the previous day low was 1.0575. The daily 38.2% Fib levels comes at 1.0606, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0625, expected to provide resistance.

EUR/USD continues to move on the downward path, trading lower around 1.0580 during the early trading hours of the Asian session on Tuesday.

The pair has posted the lowest close on Monday since March despite the European Central Bank (ECB) President Christine Lagarde’s statement at the European Parliament that rates will remain restrictive for as long as necessary.

However, Lagarde has also highlighted that inflation is expected to remain “too high for too long.” However, the ECB faces a challenging situation, as it must carefully navigate the delicate balance between addressing inflationary pressures and not harming an uneven domestic economy in the Eurozone.

The US Dollar Index (DXY) hovers near 106.00 at the time of writing, although it’s below its highest level since November. The US Dollar (USD) is maintaining its strength, partly due to cautious market sentiment and higher US Treasury yields.

The yield on the 10-year US Treasury note improved to 4.55%, a level that hasn’t been observed since October 2007. The expectation of high-interest rates persisting for an extended period is rooted in the resilience of the US economy.

Investors await the release of the US Federal Reserve’s (Fed) preferred inflation gauge, the Core Personal Consumption Expenditures (PCE) Price Index, and the Eurozone’s Core Harmonized Index of Consumer Prices (HICP), which are scheduled for Friday.

These datasets may provide crucial insights into the inflationary pressures in both economies and could impact trading decisions on the EUR/USD pair.

Technical Levels: Supports and Resistances

EURUSD currently trading at 1.0584 at the time of writing. Pair opened at 1.0593 and is trading with a change of -0.08 % .

The pair remains strongly bearish on the daily time frame. It trades below the 20 SMA @ 1.0727, 50 SMA 1.0872, 100 SMA @ 1.0873 and 200 SMA @ 1.083.

The previous day high was 1.0656 while the previous day low was 1.0575. The daily 38.2% Fib levels comes at 1.0606, expected to provide resistance. Similarly, the daily 61.8% fib level is at 1.0625, expected to provide resistance.

Note the levels of interest below:

• Pivot support is noted at 1.056, 1.0527, 1.0479
• Pivot resistance is noted at 1.0641, 1.0689, 1.0722

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