US inflation vs Euro
EUR/USD: Euro extends its losses amid higher US yields
The EUR/USD is trading around $1.2230, as the US Dollar gains more ground across the board. US 10-year yields are touching 3% and the greenback follows. This is driven by optimism about the US economy and upbeat Fed comments.
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The US benchmark Treasury yield jumped to 2.99% on Monday pushing the US Dollar higher across the board.
The Eurozone manufacturing PMI fell less than expected in April while services activity increased pushing the composite PMI to remain flat over the month in April and beating the market forecast of PMI sliding lower.
The US Treasuries are the main market topic on Monday leaving the US macro indicators in the second wave of interest including manufacturing activity gauge for Chicago Fed regional district that is expected to decelerate in March while the US existing home sales are seen rising.
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EUR/USD at risk of falling to 1.2100
Another week ends with the EUR/USD pair unable to abandon its comfort zone around the 1.2300 figure. Indeed, intraday trading was a bit more entertained, and some nervous back and forth suggest that it won't be long until a decision is made.
The EUR/USD is stable in the wake of a new week, but its prospects have not improved. The Technical Confluences Indicator shows that stronger clusters of resistance remain to the upside while fewer confluence zones await on the downside.
The pair is struggling around 1.2280, where we see congestion of the Simple Moving Average 5-15m, the SMA50-15m, the Fibonacci 61.8% one-month, the Bolinger Band 15m-Upper (Stdv. 2.2), the BB 1h-Middle, the SMA-5-1hv, the Fibo 23.6%, and the SMA10-1h.
If the pair indeed drops, support is found around 1.2215, the meeting point of the Pivot Point one-week S1 and the one-month low. Even lower, at 1.2155, we find the Pivot Point one-month S1 and the Pivot Point one-week S2.
