EUR/USD: Upside appears capped by 100-DMA, focus on EUR/GBP
|- Broad USD weakness amid Fed pause risks continues to support EUR/USD.
- USD dynamics, EUR/GBP flows to remain the key drivers ahead of US data, Brexit vote and Fed.
The EUR/USD pair extends its bullish consolidation phase above the 1.14 handle into early European trading, trapped between the 20-DMA support at 1.1419 and 100-DMA upside barrier at 1.1445.
The spot continues to remain underpinned by ongoing bearish momentum seen around the US dollar across its main competitors, as markets have already priced-in a dovish FOMC statement, hinting towards a pause in the Fed’s policy normalization amid dwindling US economic outlook.
On the EUR-side of the equation, the EUR bulls were unfazed by the ECB Chief Draghi’s reiteration that the balance of risk to economic outlook moves to downside, as the US dollar dynamics continue to remain the exclusive driver so far this week.
Looking ahead, the pair is likely to get influenced by the sentiment around the greenback while the EUR/GBP flows will also have a major impact on the common currency heading into the UK Parliamentary vote on Brexit Plan B later on around 1900 GMT.
EUR/USD Technical Levels
EUR/USD
Overview:
Today Last Price: 1.1432
Today Daily change: 4 pips
Today Daily change %: 0.04%
Today Daily Open: 1.1428
Trends:
Daily SMA20: 1.1417
Daily SMA50: 1.139
Daily SMA100: 1.1449
Daily SMA200: 1.1575
Levels:
Previous Daily High: 1.1446
Previous Daily Low: 1.139
Previous Weekly High: 1.1418
Previous Weekly Low: 1.1289
Previous Monthly High: 1.1486
Previous Monthly Low: 1.1269
Daily Fibonacci 38.2%: 1.1424
Daily Fibonacci 61.8%: 1.1411
Daily Pivot Point S1: 1.1397
Daily Pivot Point S2: 1.1366
Daily Pivot Point S3: 1.1342
Daily Pivot Point R1: 1.1452
Daily Pivot Point R2: 1.1477
Daily Pivot Point R3: 1.1508
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