EUR/USD: Bulls look to test multi-month highs near 1.1240


  • US dollar index stalls recovery near 96.65.
  • Euro lifted by rally in German yields and upbeat German/ EZ PMIs.
  • Next of relevance remains US economic data and trade headlines.

EUR/USD has turned positive over the last hour, extending its gradual recovery from near 5-DMA support of 1.1204, as the USD bulls take a breather amid widening German-US 10-yield differential.

A solid surge in the German benchmark 10-year government bond yields has resulted in a huge gap between the German-US 10-year yields spread, eventually rendering EUR positive at the expense of the greenback.

Therefore, the US dollar’s recovery from five-month lows across its main peers stalls at 96.63, driving the spot back towards the four-month highs of 1.1241 reached on the final trading day of 2019.

Further, upward revisions to the December Eurozone and German Manufacturing PMIs also collaborates with the renewed upside in the main currency pair. Eurozone and German Final Manufacturing PMIs for December arrived at 46.3 and 43.7 respectively vs. 45.9 and 43.4 their respective flash readings.

Looking ahead, holiday-thinned trading will continue to persist, keeping the range in the spot limited. However, volatile moves cannot be ruled out amid thin conditions and ahead of the US Jobless Claims and Manufacturing PMI data. Markets also eye US-China trade updates for some trading impulse.

EUR/USD Technical levels to consider

EUR/USD

Overview
Today last price 1.1214
Today Daily Change -0.0008
Today Daily Change % -0.07
Today daily open 1.122
 
Trends
Daily SMA20 1.1126
Daily SMA50 1.1089
Daily SMA100 1.1063
Daily SMA200 1.1143
 
Levels
Previous Daily High 1.1262
Previous Daily Low 1.1158
Previous Weekly High 1.1189
Previous Weekly Low 1.1069
Previous Monthly High 1.124
Previous Monthly Low 1.1002
Daily Fibonacci 38.2% 1.1222
Daily Fibonacci 61.8% 1.1197
Daily Pivot Point S1 1.1165
Daily Pivot Point S2 1.1109
Daily Pivot Point S3 1.1061
Daily Pivot Point R1 1.1269
Daily Pivot Point R2 1.1317
Daily Pivot Point R3 1.1373

 

 

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