EUR/USD jumps above 1.09 as DXY remains under pressure
|The EUR/USD pair was able to catch a fresh buying wave in the early American session as the greenback continues to have a tough time finding demand amid mixed macro data. As of writing, the EUR/USD pair was trading at 1.0919, up 0.5% on the day.
Although the US Dollar Index was able to rise above the 99 mark during the early trading hours of the European session, it couldn't extend the bullish momentum as the participants continued to lean towards European currencies, cheering the first round of French presidential election result for the second day in a row. The latest data from the United States revealed that both FHFA and S&P/Case-Shiller House Price Indexes recorded higher than expected growths while the consumer confidence eased to 120.3 from 125.6.
- US: House prices rose in February, up 0.8% from the previous month - FHFA
- US: S&P/Case-Shiller Home Price Index sets fourth consecutive all-time high
The economic docket doesn't feature any macro data that could have a significant impact on the price action of the EUR/USD pair until Thursday's ECB interest rate decision. The market sentiment and expectations regarding the second round of the French presidential election on May 7 could remain as main catalysts in the near-term.
Technical levels to consider
The initial resistance for the pair is located at 1.0925 (daily high) ahead of 1.10 (psychological level) and 1.1065 (Nov. 8 high). To the downside, the first short-term support could be seen at 1.0820 (Monday's low) followed by 1.0785 (200-DMA) and 1.0740 (Mar. 29 low).
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