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EUR/USD hovers below 1.1200

FXStreet (Córdoba) - EUR/USD entered a consolidation phase below the 1.1200 level after falling more than 100 pips throughout the day as the greenback takes back last week’s losses.

While investors continue to assess last week’s Fed rhetoric, the dollar advances versus the euro amid divergent monetary policy outlooks. EUR/USD has reversed post-FOMC gains and fallen nearly 300 pips from Friday’s 1.1459 high.

Having bottomed out at 1.1180, EUR/USD is currently trading at 1.1190, 0.88% or 100 pips below Friday’s close.

EUR/USD key levels

As for technical levels, EUR/USD could find next supports at 1.1171 (Sep 10 low) and 1.1147 (100-day SMA)ahead of 1.1122 (50-day SMA). On the flip side, resistances could be faced at 1.1217 (200-day SMA), 1.1300 (psychological level) and 1.1329 (Sep 21 high).

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