The euro has moved to a fresh yearly-low against the US dollar, hitting 1.1607, as Italian and Spanish political concerns cause traders to move away from the single currency and into greenbacks. The EURUSD pair currently trades around the 1.1630 level, with selling likely to intensify if sellers breach the 1.1607 handle. Traders continue to remain focused on rising Italian bond yields and the intraday direction of the US dollar index.
The EURUSD pair is intraday bearish while trading below the 1.1655 level. Key support is located at the 1.1607 and 1.1553 levels.
If the EURUSD pair moves above the 1.1655 level, we may see a technical correction back towards the 1.1692 and 1.1727 levels.
