EUR/USD tumbles to three-week lows near 1.0920 as US dollar strengthens

US dollar gains momentum as US yields soar.EUR/USD extends weekly losses after breaking the 1.0950 support area.A test of 1.0900 (March 14 low) seems likely.

The EUR/USD broke below 1.0950 and tumbled to 1.0920, reaching the lowest level since March 14. The pair remains under pressure amid a stronger US dollar across the board.

Short-term outlook

The break of 1.0950 left EUR/USD vulnerable to more losses. The next strong support area might be seen around 1.0900 (March 14 low), followed by 1.0880. The euro is likely to remain under pressure while under 1.0950. A recovery above this level would alleviate the negative tone, with the next resistance at 1.0980.

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