EUR/USD climbs to fresh weekly highs above 1.2160


  • EUR/USD continues to push higher in American session.
  • US Dollar Index extends daily slide, closes in on 90.00.
  • Retreating US Treasury bond yields weigh on USD.

The EUR/USD pair preserved its bullish momentum in the second half of the day and rose to its highest level in a week at 1.2161. As of writing, the pair was up 0.35% on the day at 1.2159.

Renewed USD weakness lifts EUR/USD

The USD's market valuation remains the primary driver of EUR/USD's movements at the start of the week. The US Dollar Index (DXY) stayed relatively quiet around 90.30 during the European trading hours but lost its traction in the early American session.

In the absence of significant fundamental drivers, the negative shift seen in the US treasury bond yields seems to be hurting the greenback. At the moment, the 10-year US T-bond yield, which gained as much as 3% earlier in the day, is posting losses at 1.347% and the DXY is down 0.35% at 90.03.

The data from the US showed on Monday that the Chicago Fed National Activity Index improved to 0.66 in January from 0.41 in December and the Dallas Fed Manufacturing Business Index advanced to 17 in February from 7. Nevertheless, these figures had little to no impact on the USD's performance against its rivals.

Meanwhile, Christine Lagarde, President of the European Central Bank, reiterated on Monday that the ECB will continue to support all sectors of the economy by preserving favourable financing over the pandemic period.

On Tuesday, Eurostats' inflation report will be watched closely by market participants. The core Consumer Price Index (CPI) is expected to stay unchanged at 1.4% on a yearly basis in January and a lower-than-expected reading could hurt the shared currency.

Technical levels to watch for

EUR/USD

Overview
Today last price 1.2158
Today Daily Change 0.0041
Today Daily Change % 0.34
Today daily open 1.2117
 
Trends
Daily SMA20 1.2092
Daily SMA50 1.2155
Daily SMA100 1.2007
Daily SMA200 1.1766
 
Levels
Previous Daily High 1.2144
Previous Daily Low 1.2082
Previous Weekly High 1.217
Previous Weekly Low 1.2023
Previous Monthly High 1.235
Previous Monthly Low 1.2054
Daily Fibonacci 38.2% 1.2121
Daily Fibonacci 61.8% 1.2106
Daily Pivot Point S1 1.2085
Daily Pivot Point S2 1.2052
Daily Pivot Point S3 1.2022
Daily Pivot Point R1 1.2147
Daily Pivot Point R2 1.2177
Daily Pivot Point R3 1.2209

 

 

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