• EUR/USD extends daily rebound into the American session.
  • US Dollar Index edges lower ahead of consumer confidence data.
  • Falling US Treasury bond yields seem to be weighing on USD.

After spending the first half of the day fluctuating in a narrow band below 1.1750, the EUR/USD pair gained traction in the early American session and was last seen gaining 0.3% on the day at 1.1763.

DXY turns south ahead of consumer confidence data

The renewed USD weakness seems to be fueling EUR/USD upside. The US Dollar Index (DXY), which posted modest daily gains and closed near 93.00 on Thursday, is currently down 0.2% on the day at 92.82. In the absence of high-tier data releases and fundamental developments, falling US Treasury bond yields are making it difficult for the greenback to find demand. As of writing, the benchmark 10-year US T-bond yield was down 1% at 1.346%.

Later in the session, the University of Michigan's preliminary Consumer Sentiment Index data for August will be looked upon for fresh impetus.

On the other hand, the data published by Eurostat showed earlier in the day that the eurozone posted a trade surplus of €12.4 billion (seasonally adjusted), coming in better than the market expectation of €9.3 billion.

In the meantime, the S&P Futures continue to trade flat on the day, suggesting that the USD's market valuation is likely to be impacted by T-bond yields ahead of the weekend.

Technical levels to watch for

EUR/USD

Overview
Today last price 1.1764
Today Daily Change 0.0034
Today Daily Change % 0.29
Today daily open 1.173
 
Trends
Daily SMA20 1.1802
Daily SMA50 1.1891
Daily SMA100 1.1962
Daily SMA200 1.2011
 
Levels
Previous Daily High 1.1748
Previous Daily Low 1.1724
Previous Weekly High 1.19
Previous Weekly Low 1.1755
Previous Monthly High 1.1909
Previous Monthly Low 1.1752
Daily Fibonacci 38.2% 1.1733
Daily Fibonacci 61.8% 1.1739
Daily Pivot Point S1 1.172
Daily Pivot Point S2 1.1709
Daily Pivot Point S3 1.1695
Daily Pivot Point R1 1.1744
Daily Pivot Point R2 1.1759
Daily Pivot Point R3 1.1769

 

 

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