EUR/USD back to square one

EUR/USD came under renewed pressure following a limited bounce attempt and dropped to fresh daily lows at the beginning of the New York session.

The dollar corrected lower at the weekly opening, but EUR/USD upside was capped by the 1.0479 level, putting the pair back on the defensive. At time of writing, euro-dollar is trading at 1.0430, little changed on the day.

There is no major data scheduled for the US session, with focus on Fed Chair Yelle, who is due to speak on The State of the Job Market at 18:30 GMT.

EUR/USD levels to watch

In terms of technical levels, next supports could be found at 1.0365 (2016 low, Dec 14), 1.0334 (Jan 2003 low) and 1.0300 (psychological level). On the flip side, short-term resistances are seen 1.0500 (psychological level and former support level), followed by 1.0572 (10-day SMA) and 1.0669 (Dec 14 high).