The Euro shed roughly 100 pips from its Friday’s high, could keep falling EUR EURUSD $EUR $EURUSD
US Treasury yields surged to multi-month highs on the first day of the year.The EUR/USD pair started the week on the back foot, falling to 1.1279 and trimming its previous weekly gains. As US traders return to their desks, government bond yields soared to multi-month highs, pushing the greenback sharply higher against most of its major rivals.
Government bond yields surged as a fresh wave of coronavirus storms the world. The Omicron variant is indeed a tsunami of contagions as the WHO anticipated a couple of weeks ago, affecting not only the northern hemisphere. So far, governments have avoided imposing restrictions, but the situation may worsen if the health systems begin to stress.area, most of which were upwardly revised. However, the German index was downwardly revised to 57.4, although the one for the EU was confirmed at 58.
The 4-hour chart shows that the pair trades near the mentioned daily low by the end of the American session, developing below all of its moving averages and hinting at further declines ahead. At the same time, technical indicators maintain their bearish slopes within negative levels, in line with a bearish extension towards 2021 low at 1.1185.
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