EUR/USD clings to near-daily highs below 1.1750 as USD retreats

EUR/USD edges higher on Friday in the Asian session.
Higher US Treasury yields undermine the demand for the US dollar.
US Dollar Index retreats from the high of 93.00 stays elevated.

Rekha Chauhan Independent Analyst

EUR/USD refreshes daily high with minute gains on Friday in the Asian trading hours on Friday. The pair hovers in a narrow trade band of 10 pips with no meaningful traction. After testing the low of low near 1.1720 in the US session, the pair makes effort to break the 1.1750 level.

At the time of writing, the EUR/USD is trading at 1.1740, up 0.11% on the day.

The US Dollar Index (DXY), which tracks the performance of the greenback against the six majors, slips from the 93.00 level but remains strong.

Investors remained optimistic about strong US economic data. The greenback also gained after reports suggested that several US Fed officials expected the central bank to announce plans to taper its massive asset-purchase program in September.

On the other hand, the single currency lost ground against the US dollar on the pessimistic economic readings. The Eurozone Industrial Production fell 0.3% in June as compared to market expectations of 0.2% drop.

The European Central Bank (ECB) President Christine Lagarde warned about the concerns of a fresh wave of the coronavirus pandemic due to the delta variant and its impact on economic recovery.

As for now, traders are waiting for the German Wholesale Prices, Euro Balance of Trade, US Trade data, and Michigan Consumer Sentiment to gauge the market sentiment.

EUR/USD additional levels

EUR/USD

Overview
Today last price	1.1738
Today Daily Change	0.0008
Today Daily Change %	0.07
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

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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