Breaking: EUR/USD drops below 0.9950, lowest since December 2002

The EUR/USD dropped to the lowest level since December 2002, reaching 0.9942. It remains under pressure, testing levels under the 0.9950 support area.

A stronger US dollar across the board is pushing EUR/USD to the downside on Monday. The combinations of risk aversion and higher US yields support the greenback. Also, technical factors weighed on the euro. 

The US Dollar Index (DXY) is up by 0.69%, about to post the highest daily close in years. In Wall Street, the Dow Jones is falling by 1.33% and the Nasdaq drops by 2.13%.

EUR/USD daily chart