EUR/USD consolidates above 1.2000 as USD bulls take a breather


  • EUR/USD is in downside consolidation amid risk-off market mood.
  • US dollar clings to overnight recovery gains while the yields steady.
  • J&J covid vaccine news fails to cheer the euro amid rising cases.

EUR/USD has stalled its rebound below 1.2050, consolidating the recent losses above 1.2000 ahead of the European open.

The US dollar holds onto the recovery gains amid a downbeat market mood, undermined by the continued surge in covid infections and the re-imposition of stricter restrictions worldwide. The US Treasury yields stabilize at higher levels amid ongoing developments around President Joe Biden’s infrastructure proposal.

On the EUR-side of the equation, Johnson & Johnson’s resumption of the covid vaccine rollout in Europe, with a safety warning, after the European Medicines Agency (EMA) approval, has been overlooked by the euro bulls, as the broader market sentiment leads the way.

Investors also turn cautious ahead of Thursday’s European Central Bank (ECB) monetary policy decision, especially in light of Fed Chair Powell’s latest comments. Powell said on Tuesday that the central bank remains fully committed to both legs of the dual mandate. “The ECB is set to leave its policy unchanged in April but acknowledge a brighter outlook,” FXStreet’s Senior Analyst Yohay Elam notes.

EUR/USD technical levels

FXStreet’s Analyst Anil Panchal notes, “…the recent losses are likely to mount as short-term sellers aim to revisit the horizontal area established from March 02, around 1.1990. Meanwhile, corrective pullback beyond the 61.8% Fibonacci retracement level of 1.2037 will not be an open invitation to the EUR/USD buyers as the recent peak, as well as the one marked in early March, respectively around 1.2080 and 1.2115, be the tough resistances.”

EUR/USD additional levels

EUR/USD

Overview
Today last price 1.2031
Today Daily Change -0.0004
Today Daily Change % -0.03
Today daily open 1.2036
 
Trends
Daily SMA20 1.1868
Daily SMA50 1.1961
Daily SMA100 1.2059
Daily SMA200 1.192
 
Levels
Previous Daily High 1.208
Previous Daily Low 1.2022
Previous Weekly High 1.1995
Previous Weekly Low 1.1871
Previous Monthly High 1.2113
Previous Monthly Low 1.1704
Daily Fibonacci 38.2% 1.2044
Daily Fibonacci 61.8% 1.2058
Daily Pivot Point S1 1.2012
Daily Pivot Point S2 1.1989
Daily Pivot Point S3 1.1955
Daily Pivot Point R1 1.207
Daily Pivot Point R2 1.2103
Daily Pivot Point R3 1.2127

 

 

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.

Feed news

Are you new to trading or have been trading for a while and you feel stuck?

Try with us!
Become Premium!
   

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD: EU vaccine deal helps extend US NFP-led run-up to fresh multi-day top towards 1.2200

EUR/USD begins the week with an uptick to refresh highest levels since February 26, wobbles around the top of late. EU battles for more vaccines as jab jitters disappoint the bloc members, Brexit, sluggish data add to the fears. DXY marked the biggest daily losses in six months after NFP debacle.

EUR/USD News

GBP/USD flirts with three-week high near 1.4000 as Scottish elections, Brexit test buyers

GBP/USD needs strong push to keep Friday’s biggest jump since April 19, trying to stay positive of late. Nicola Sturgeon wins Scottish election but SNP needs majority for second referendum. Exporters from UK freeports face tariffs to 23 countries following fresh post-Brexit trade agreements.

GBP/USD News

Dogecoin: Defending 21-DMA is critical for DOGE after Musk calls it a ‘hustle’

The selling pressure in the Dogecoin (DOGE/USD) remains unabated for the second straight day on Sunday, as the corrective mode from all-time highs of $0.7605 remains intact. DOGE bulls remain hopeful as 21-DMA support holds, with RSI still bullish.

Read more

EUR/USD: EU vaccine deal helps extend US NFP-led run-up to fresh multi-day top towards 1.2200

EUR/USD begins the week with an uptick to refresh highest levels since February 26, wobbles around the top of late. EU battles for more vaccines as jab jitters disappoint the bloc members, Brexit, sluggish data add to the fears. DXY marked the biggest daily losses in six months after NFP debacle.

EUR/USD News

S&P 500 and Nasdaq: Can the Fed pump anymore after weak jobs report

Well, that was an interesting jobs report. Not too many people were forecasting that one. Just in case you missed it NFP were forecast to come in around the 1 million jobs gained but instead the US only added 266k.

Read more

Forex MAJORS

Cryptocurrencies

Signatures