• EUR/USD is extending gains to test 1.0600 in the European session
  • The US dollar loses further ground amid a risk-on mood at full steam.
  • Markets re-price central banks’ tightening plans ahead of US data, Lagarde.

EUR/USD is nearing 1.06000, building onto the Asian rebound in the European session on Monday, as positive global momentum continues and weighs heavily on the safe-haven US dollar.

European stocks climb over 1%, taking the upbeat cues from their Asian and US peers, as investors rethink whether the central banks’ will continue with their aggressive rate-hike track, in the face of slowing economic growth.

Futures pricing shows traders now anticipating the US Fed’s benchmark funds rate stabilizing around 3.5% from March next year, a revision lower from peviously pricing in rates zooming to around 4% in 2023.

Risks of economic contractions in the US and Europe have risen sharply after Russia’s invasion of Ukraine caused consumer prices to surge worldwide, which was well reflected in June business PMI reports released on both sides of the Atlantic last week.

Despite the bullish momentum, buyers seem to be struggling over the last hour, as the rally in the US Treasury yields could be hindering EUR/USD’s journey towards 1.0600.

Attention now turns towards the first-tier US Durable Goods Orders data due on the cards later in the NA session, followed by the Pending Home Sales for a fresh take on the American economic health. Additionally, ECB President Christine Lagarde’s opening remarks at the central bank’s three-day Forum in Sintra this week will be closely eyed.

The main event risk, however, this week will be the policy debate between the chiefs of the Fed, BOE and ECB at the Sintra Forum on Wednesday.

EUR/USD technical levels to consider


Today last price 1.0585
Today Daily Change 0.0029
Today Daily Change % 0.27
Today daily open 1.0555
Daily SMA20 1.0594
Daily SMA50 1.0604
Daily SMA100 1.0848
Daily SMA200 1.1138
Previous Daily High 1.0571
Previous Daily Low 1.0512
Previous Weekly High 1.0606
Previous Weekly Low 1.0469
Previous Monthly High 1.0787
Previous Monthly Low 1.035
Daily Fibonacci 38.2% 1.0549
Daily Fibonacci 61.8% 1.0535
Daily Pivot Point S1 1.0521
Daily Pivot Point S2 1.0487
Daily Pivot Point S3 1.0462
Daily Pivot Point R1 1.058
Daily Pivot Point R2 1.0605
Daily Pivot Point R3 1.0639



Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content

Recommended content

Editors’ Picks

EUR/USD tumbles to 1.0200 amid notable USD strength

EUR/USD tumbles to 1.0200 amid notable USD strength

EUR/USD extends losses to test 1.0200, undermined by a broad rebound in the US dollar after dismal Chinese data soured sentiment. Growing recession fears in the Eurozone amid the deepening energy crisis weigh down on the euro. 


GBP/USD drops below 1.2100 as US dollar firms up

GBP/USD drops below 1.2100 as US dollar firms up

GBP/USD is dropping below 1.2100, as the US dollar rebounds amid a negative shift in risk sentiment amid weak China data. BOE’s Bailey shows readiness for a ‘review’ on UK PM Candidate Truss’ criticism. Critical UK data and Fed minutes are in focus this week. 


Gold drops further to test 50 DMA amid notable USD demand

Gold drops further to test 50 DMA amid notable USD demand

Gold Price erases Friday’s rebound to test the critical 50 DMA at $1,782. China-led risk-aversion inspires the US dollar rally while yields recover. Focus shifts to US Retail Sales and Fed minutes for the next big move in XAU/USD.

Gold News

Three signs that XRP is a hot buy as Ripple bags another win against SEC

Three signs that XRP is a hot buy as Ripple bags another win against SEC

In the SEC v. Ripple case, the payment giant is set to serve subpoenas and authenticate videos of SEC officials’ public remarks. This evidence could make or break Ripple’s defense against the SEC.

Read more

FXStreet Premium users exceed expectations

FXStreet Premium users exceed expectations

Tap into our 20 years Forex trading experience and get ahead of the markets. Maximize our actionable content, be part of our community, and chat with our experts. Join FXStreet Premium today!