- EUR/USD extends the rejection from recent tops and approaches 1.19.
- A deeper pullback could re-test the YTD low in the 1.1830 region.
The EUR/USD pair is trading at daily lows around 1.1920, as rising US Treasury yields underpin the greenback. All eyes on US President Joe Biden speech. The bull run in EUR/USD met a tough barrier in the vicinity of the psychological 1.20 hurdle in the second half of last week, triggering the ongoing corrective downside.
The continuation of the offered bias could motivate EUR/USD to attempt another visit to the 2021 lows in the 1.1835/30 band (March 9) in the near-term. Below the latter, potential losses are expected to gather further steam with the next target at the 2008-2020 support line in the 1.1600 area.
On the upside, a successful breach above 1.1960 significant support resistance region could take the price towards the 1.2040 previous support breakout point and further awaits the upper band of ascending channel .
