EUR/USD bounces sharply and turns positive as US Dollar tumbles

  • DXY reverses dramatically from weekly highs and drops into negative territory. 
  • Euro remains among worst performers but erased losses versus US Dollar. 

The EUR/USD pair reversed significantly over the last two hours and erased daily losses. The euro went from trading at the lowest since May 2017 to print fresh daily highs in a few minutes. 

After the beginning of the American session, EUR/USD bottomed at 1.1106, slightly below the previous year-to-date low seen at 1.1110. It started to rebound and accelerated to the upside following the release of US economic data. It climbed more than 50 pips from the lows and printed a fresh daily high at 1.1166. 

As of writing trades at 1.1160, marginally positive for the day. A consolation around current level would be a positive signal for the euro and could point that a short-term bottom has been reached today. 

The PMI report showed that the Flash US Composite Output Index dropped to at 50.9, a 6-month low, the Service Index fell to the lowest in 39 months at 50.9 and the manufacturing declined to 50.6, lowest in nine years. Also, the new home sales report showed lower-than-expected numbers, favoring the reversal in the US Dollar

Despite the change in the USD daily trend, equity prices are consolidating heavy losses in Europe and Wall Street. The DOW JONES is falling 1.35% and the NASDAQ 1.50%. Among currencies, the Yen and the Swiss Franc are the top performers. Gold is also rising sharply, reflecting the demand for safe-haven assets. 


Today last price 1.116
Today Daily Change 0.0008
Today Daily Change % 0.07
Today daily open 1.1152
Daily SMA20 1.1187
Daily SMA50 1.1237
Daily SMA100 1.1303
Daily SMA200 1.1392
Previous Daily High 1.1182
Previous Daily Low 1.1148
Previous Weekly High 1.1264
Previous Weekly Low 1.1154
Previous Monthly High 1.1326
Previous Monthly Low 1.1111
Daily Fibonacci 38.2% 1.1161
Daily Fibonacci 61.8% 1.117
Daily Pivot Point S1 1.114
Daily Pivot Point S2 1.1127
Daily Pivot Point S3 1.1106
Daily Pivot Point R1 1.1174
Daily Pivot Point R2 1.1195
Daily Pivot Point R3 1.1208



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