EUR/USD breaks below 1.1100 and through 200-day SMA

EUR/USD came under renewed pressure and lost over half a cent over the last minutes to touch fresh daily lows as the dollar picked up pace across the board.

EUR/USD broke below the 1.31 mark and the 200-day SMA (1.1097) falling to a session low of 1.1080 as Cable dropped to fresh 31-year sub-1.3100. EUR/USD was last trading at 1.1085, recording a 0.60% loss on the day.

On the data front, US factory orders fell 1.0% in May, slightly below the 0.9% drop expected and down from +1.8% the previous month. However, the dollar wasn’t hurt by data as it continued to move higher versus most competitors.

EUR/USD levels to watch

As for technical levels, next supports are seen at 1.1071 (Jul 1 low), 1.1023 (Jun 30 low) and 1.0970 (Jun 27 low). On the flip side, resistances could be found at 1.1185 (Jul 5 high), 1.1228 (100-day SMA) and 1.1265 (50-day SMA).