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- EUR/USD erases gains, drops toward 1.1300 as Wall Street turns negative
EUR/USD erases gains, drops toward 1.1300 as Wall Street turns negative
- A deterioration in market sentiment boosts the US dollar.
- EUR/USD remains in recent range, now with a bearish intraday bias.
The EUR/USD retreated further from the 1.1360 area and dropped to 1.1320, erasing daily gains. The move lower took place amid a deterioration in market sentiment that boosted safe-haven assets.
DXY turns positive, still in range
The US dollar gained momentum during the American session as US stocks indices turned negative. The Dow Jones is falling 0.17% and the Nasdaq drops 0.57% after opening in positive territory.
Headlines about the crisis in Ukraine sent equity markets lower. Ukraine announced a state of emergency starting at midnight for 30 days and after the US warned of a full-scale Russian invasion within 48 hours.
The DXY is now up 0.03% after holding in negative ground most of the day. The index is moving toward the upper limit of the current range. Like the DXY, the EUR/USD continues to move sideways in the short term around 1.1330.
A daily close below 1.1300 should point to further weakness while if it rises above 1.1400, the euro would gain strength.
Technical levels
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