EUR/USD Current Price: 1.2032
- EU data missed expectations, but the market is all about optimism.
- Currencies are posting a late reaction to upbeat data released last week.
- EUR/USD is bullish in the near-term and is poised to extend its advance.
The EUR/USD pair soared after breaking above the 1.2000 level, hitting 1.2047, its highest since March 4. The greenback plunged amid an optimistic market’s mood, spurred by upbeat US data published last week. However, it’s more notable across the FX board, sort of a late reaction to Wall Street’s run. So far today, equities are struggling around their opening levels, while US Treasury yields eased, but without fireworks.
The pair retains its gains heading into the US opening, with speculative interest waiting for Wall Street’s reaction. The macroeconomic calendar has little to offer so far today, as the EU published the February Current Account, which posted a seasonally adjusted surplus of €25.9 billion, missing expectations. Construction Orders in the same month was down by 2.1% MoM, also below forecast. The US will auction 3-month and 6-month bills.
EUR/USD short-term technical outlook
The EUR/USD pair trades around 1.2030, bullish in the near-term. The 4-hour chart shows that the pair soared above a bullish 20 SMA after briefly piercing it at the beginning of the day. The Momentum indicator advances within positive levels, while the RSI has lost its bullish strength, now consolidating around 70. The risk is skewed to the upside as long as the pair holds above the 1.2000 price zone, with room for an extension towards 1.2130.
Support levels: 1.1995 1.1940 1.1900
Resistance levels: 1.2045 1.2090 1.2130
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.