The EUR/USD pair fell to fresh muti-month lows, trading below the 1.0200 mark for the first time since November 2022.
EUR/USD Current price: 1.0197 The US Dollar extends its rally on Monday as investors price in no rate cuts in the US. The macroeconomic calendar remains empty, leaving majors at the mercy of sentiment. EUR/USD is oversold in the near term, but an interim bottom is not yet confirmed. The US Dollar gapped higher at the weekly opening, retaining the momentum triggered last Friday by the Nonfarm Payrolls report.
Data-wise, the economic calendar has nothing relevant to offer until Tuesday when the US will release the December Producer Price Index ahead of the Consumer Price Index on Wednesday. EUR/USD short-term technical outlook The daily chart for the EUR/USD pair shows that it is down for a fifth consecutive day and that the bearish momentum is solid. The pair is well below all its moving averages, with the 20 Simple Moving Average currently providing dynamic resistance at 1.0370.
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