EUR/USD hovering over lows near 1.0980

The selling pressure remains unabated around the single currency today, now dragging EUR/USD to test the lower bound of the range in the 1.0980/70 band.

EUR/USD weaker on Brexit jitters

Spot has accelerated its daily downside below the critical 1.1000 support at the beginning of the week, as ‘Brexit’ concerns on negative implications for both the EU and the UK keeps gathering traction and have extended to the global markets.

Away from developments in the UK, US trade deficit has widened to a seasonally adjusted $60.6 billion during May from April’s $57.53 billion.

EUR/USD levels to watch

The pair is now losing 1.06% at 1.0995 and a break below 1.0913 (low Jun.24) would open the door to 1.0820 (low Mar.10) and finally 1.0709 (low Jan.5). On the flip side, the immediate hurdle lines up at 1.1098 (200-day sma) followed by 1.1235 (100-day sma) and then 1.1255 (55-day sma).