- EUR/USD stuck in a narrow range ahead of the FOMC decision.
- Lagarde’s speech also eyed, as the Fed is likely to hold fire.
- Higher DXY and Treasury yields weigh on the spot.
EUR/USD is extending losses towards 1.2000 ahead of the European opening bells, having failed to find acceptance above 1.2050 amid a broad-based US dollar rebound.
Powell said that the US economy is doing better but is “not out of the woods yet,” in remarks prepared for delivery at a conference of the National Community Reinvestment Coalition.
The greenback gains amid broad risk-aversion and subdued price action in the Treasury yields, in turn, benefiting the main currency pair. At the press time, the 10-year US rates hover around 1.60%, stalling its recovery from near 1.58%.
Meanwhile, mixed German Retail Sales and Final Manufacturing PMIs fail to keep the EUR bulls motivated, as the major remains at the mercy of the US dollar dynamics. The hourly technical setup paints a bearish picture in the near term amid a bearish crossover and RSI.
On Monday, EUR/USD advanced as the greenback faltered alongside the yields on weaker-than-expected US ISM Manufacturing PMI.
Investors now look forward to the US Trade and Factory Orders data for fresh incentives while the sentiment on Wall Street could also influence the major.
EUR/USD technical levels
|Today last price||1.2034|
|Today Daily Change||-0.0030|
|Today Daily Change %||-0.25|
|Today daily open||1.2065|
|Previous Daily High||1.2076|
|Previous Daily Low||1.2013|
|Previous Weekly High||1.215|
|Previous Weekly Low||1.2017|
|Previous Monthly High||1.215|
|Previous Monthly Low||1.1713|
|Daily Fibonacci 38.2%||1.2052|
|Daily Fibonacci 61.8%||1.2037|
|Daily Pivot Point S1||1.2027|
|Daily Pivot Point S2||1.1988|
|Daily Pivot Point S3||1.1964|
|Daily Pivot Point R1||1.209|
|Daily Pivot Point R2||1.2114|
|Daily Pivot Point R3||1.2153|
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