EUR/USD: Bulls flex muscles above 1.1200 ahead of Eurozone Services PMI

EUR/USD renewed three-month highs above 1.1200
Risk-on mood downs the US dollar, props up the spot.
Focus on Eurozone/ US Services PMI and G7 call.

Dhwani Mehta FXStreet

EUR/USD is challenging three-month highs above 1.1200, as we progress towards the European opening bells. The US dollar extends its five-day losing streak amid a risk-on rally in global equities, underpinned by the economic recovery hopes.

The demand for the safe-haven greenback is absent, as investors seek higher returns, undeterred by the looming coronavirus risks and escalating US riots situation. The US dollar index prints a new three-month low of 97.39, down 0.28% so far.

The main catalyst behind EUR/USD’s rally remains the dollar dynamics, with the macro updates from both continents offering little impetus to the markets, as the risks trends dominate.

On Wednesday’s agenda, the traders will watch out for the Euro area Final Services PMIs and German jobs data. Meanwhile, in the NA session, the US ISM Non-Manufacturing PMI and Factory Orders data will stand out and offer some fresh cues on the dollar trades.

The G7 conference call due later will also remain in focus, as all eyes remain on Thursday’s European Central Bank (ECB) monetary policy decision for the next direction in the major.

EUR/USD technical levels to watch

The immediate resistance awaits at 1.1243 (daily classic R2), above which 1.1300 remains on sight. On the flip side, the supports are aligned at 1.1161 (daily pivot point) and 1.1138 (Ju5-DMA).

EUR/USD additional levels

EUR/USD

Overview
Today last price	1.1208
Today Daily Change	0.0038
Today Daily Change %	0.34
Today daily open	1.117

Trends
Daily SMA20	1.093
Daily SMA50	1.0913
Daily SMA100	1.096
Daily SMA200	1.1013

Levels
Previous Daily High	1.1196
Previous Daily Low	1.1115
Previous Weekly High	1.1145
Previous Weekly Low	1.0871
Previous Monthly High	1.1145
Previous Monthly Low	1.0767
Daily Fibonacci 38.2%	1.1165
Daily Fibonacci 61.8%	1.1146
Daily Pivot Point S1	1.1125
Daily Pivot Point S2	1.108
Daily Pivot Point S3	1.1044
Daily Pivot Point R1	1.1206
Daily Pivot Point R2	1.1241
Daily Pivot Point R3	1.1286

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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