• US Dollar Index turns positive, weighs on EUR/USD. 
  • Greenback strengthens after US data, particularly the Philly Fed.
  • Trump’s impeachment: Senate formal trial about to begin. 

The EUR/USD pair hit earlier today at 1.1171 a one-week high before turning to the downside. The decline gained speed after it broke under 1.1140 and recently bottomed at 1.1125. As of writing, it trades at 1.1135, 20 pips below Wednesday’s close. 

The decline so far found support in the lower bound of an ascendant channel seen in hourly charts. A break lower would increase the bearish pressure. However, if it the euro manages to hold above it could rebound toward the 1.1145 zone, now a resistance.

On a wider perspective, the EUR/USD holds a modestly bullish tone. According to analysts at Danske Bank, the pair will keep that bias over the next twele month. “We still look for EUR/USD to stay range-bound around 1.11 near term. On a 6-12M horizon, there is some possible but overall limited upside potential in the cross as EUR/USD remains undervalued, but for now we only expect to see a mere stabilisation. We still project the cross at 1.11 in 1M and 3M, edging to 1.13 in 6M and 1.15 in 12M.”

US dollar gains, Euro drops also versus GBP.

The move lower in EUR/USD took place amid a stronger US dollar across the board. The DXY is up for the day, above 97.30, recovering from weekly lows. US yield are up, with the 10-year at 1.81%, offering support to the greenback. The euro is also falling versus the British pound. As EUR/USD trades near daily lows, GBP/USD is hitting new fresh six-day highs. 

In the US, the Senate impeachment trial is about to begin. Charges against US President Trump will be read and lawmakers will present the procedural groundwork. Regarding economic data, retail sales numbers came in slightly above expectations while the Philly Fed reading was much stronger than expected in January, favoring the decline in EUR/USD. 

Technical levels

EUR/USD

Overview
Today last price 1.1134
Today Daily Change -0.0018
Today Daily Change % -0.16
Today daily open 1.1152
 
Trends
Daily SMA20 1.1142
Daily SMA50 1.1095
Daily SMA100 1.1068
Daily SMA200 1.1138
 
Levels
Previous Daily High 1.1164
Previous Daily Low 1.1118
Previous Weekly High 1.1208
Previous Weekly Low 1.1085
Previous Monthly High 1.124
Previous Monthly Low 1.1002
Daily Fibonacci 38.2% 1.1147
Daily Fibonacci 61.8% 1.1136
Daily Pivot Point S1 1.1126
Daily Pivot Point S2 1.1099
Daily Pivot Point S3 1.108
Daily Pivot Point R1 1.1172
Daily Pivot Point R2 1.1191
Daily Pivot Point R3 1.1218

 


 

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