EUR/USD: At risk of falling below the 1.1885 mark

EUR/USD trades around 1.1920 and is at risk of falling further as the pair gains bearish traction since the US Treasury yields pressure one-year highs, FXStreet’s Chief Analyst Valeria Bednarik reports.

Key quotes

“The greenback aims to recover some ground ahead of Wall Street, but major pairs remain within familiar levels. Meanwhile, US Treasury yields hover near their recent one-year highs, providing support to the American currency.”

“Germany published the February Wholesale Price Index, which improved to 2.3% YoY. As for the US, the country has just released the NY Empire State Manufacturing Index, which came in at 17.4, better than the 14.5 expected and above the previous 12.1. Later in the US afternoon, President Joe Biden will offer a speech on implementing the American Rescue Plan.”

“A steeper decline could be expected on a break below 1.1885, the 61.8% retracement of its November/January rally.”