EUR/USD breaks under 1.1370, hits 2-week lows on US dollar strength

• US dollar accelerates to the upside across the board on US data and optimism about US-China deal optimism. 
• Euro drops versus Swiss franc and trims gains against pound. 

The EUR/USD pair dropped further during the US session and fell to 1.1353, the lowest intraday level since January 4. It extended weekly losses to more than a hundred pips. 

 The negative momentum remains strong as the euro trades around the lows. The common currency also turned lower against the Swiss franc and the pound. 

The move to the downside took place amid a rally of the US dollar supported by positive expectations about a China-US trade deal. Another positive support for the greenback are US yields. The 10-year rose to 2.78%, the highest in 20 days.  

Economic data released today showed mixed numbers. Industrial Production expanded 0.3% in December (above the 0.2% expected) while the preliminary reading of the US Consumer Sentiment - University of Michigan surprised to the downside at 90.7 in January. 

Technical levels