EUR/USD has violated support of the 23.6% Fibonacci retracement of the Nov-Jan rally. Risk reversal on EUR/USD hits a multi-month low on put demand. The US dollar tracks the longer duration Treasury yields higher. EUR/USD looks south, having found acceptance under widely-tracked Fibonacci retracement support. Options market data shows the strongest bearish bias in at least two months. On Monday, the currency pair closed under 1.2173 (23.6% Fibonacci retracement of Nov-Jan rally) and registered its third consecutive daily decline. At press time, the pair is trading in a sideways manner near 1.2145. The pullback from the high of 1.2349 seen last week could be associated with the dollar’s broad-based bounce fueled by an uptick in the US Treasury yields. The longer duration yields have jumped to multi-month highs on expectations for a bigger fiscal stimulus under Joe Biden’s leadership and rising inflation expectations. According to technical charts, EUR/USD’s pullback could be extended to the 1.2050-1.20 range. The options market shows increased demand for put options; sign investors are adding bets to position for losses in the single currency. One-month risk reversals on EUR/USD, a gauge of calls to puts, have dropped to -0.30 to hit the lowest level since Oct. 29, according to data provided by Reuters. The metric has declined from 0.125 to below zero over the past five trading days. The data shows increased demand for put options or bearish bets that give the purchaser the right but not the obligation to sell the EUR at a predetermined rate on or before a specific date. The economic calendar is light on Tuesday, which leaves the pair at the mercy of the action in the US bond yields. Technical levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Moody’s offers negative outlook on Asia-Pacific sovereigns for 2021 FX Street 1 year EUR/USD has violated support of the 23.6% Fibonacci retracement of the Nov-Jan rally. Risk reversal on EUR/USD hits a multi-month low on put demand. The US dollar tracks the longer duration Treasury yields higher. EUR/USD looks south, having found acceptance under widely-tracked Fibonacci retracement support. Options market data shows the strongest bearish bias in at least two months. On Monday, the currency pair closed under 1.2173 (23.6% Fibonacci retracement of Nov-Jan rally) and registered its third consecutive daily decline. At press time, the pair is trading in a sideways manner near 1.2145. The pullback from the high of 1.2349 seen last… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.