Further upward bias in the Greenback weighed on the riskier assets, lending further legs to the US Dollar Index (DXY) and keeping the price action around EUR/USD subdued well below the 1.0900 support.
EUR/USD dropped to multi-session lows near 1.0870. The Dollar started the week on a firm note ahead of the FOMC. Next on the downside for the pair comes the 200-day SMA. Further upward bias in the Greenback weighed on the riskier assets, lending further legs to the US Dollar Index and keeping the price action around EUR/USD subdued well below the 1.0900 support. In this context, spot reached multi-day lows in the 1.0870–1.0865 band, while the USD Index flirted with the key 200-day SMA near 103.
All in all, the relatively sluggish fundamentals of the euro area, coupled with the resilient US economy, strengthen expectations of a stronger Dollar in the medium term, particularly as both the ECB and the Fed potentially implement their easing measures almost simultaneously. In such a scenario, EUR/USD could experience a more significant correction, initially targeting its year-to-date low around 1.
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