EUR/USD extends recovery and breaks above 1.1200, to highest in two weeks


  • Euro rises across the board, top performer during the American session. 
  • US Dollar consolidates losses versus CHF, EUR, and JPY; sharply higher against EM currencies. 

The EUR/USD pair moved all day with a bullish bias despite the risk-off environment. Recently broke above 1.1200 for the first time in two weeks and climbed to 1.1213, the highest level since July 22. 

Euro extends gains and Wall Street losses 

The Euro rose during the American session, reaching multi-month highs versus the Pound and trimmed losses versus the Swiss Franc. It rose further against the US dollar as equity prices in Wall Street continued to decline. The Dow Jones was losing more than 800 points, down 3.05% amid trade tensions concerns. 

The slide of the Chinese currency at the opening on Monday triggered significant concerns about an escalation in the trade conflict, pushing emerging currencies and equity prices sharply lower. 

Data from the US released today was mostly ignored by market participants as the focus remains on trade wars. Another factor driving EUR/USD lower were bond yields. The spread on the 10-year between US and German bonds rose to the highest level in more than a year at -222.5. 

The DXY is falling for the third-day in-a-row as it continues to retreat from multi-year highs and after being rejected from above 98.50. It is trading at 97.50 about to post the lowest close since July 23. 

Technical levels 

The EUR/USD is having the best day in months and holding so far above 1.1200 and also back on top of the 20-day moving average  (1.1185). At the moment is testing the 1.1210 resistance area; a firm break above could lead to further gains. The next strong resistance is seen at 1.1245/50. 

EUR/USD

Overview
Today last price 1.1202
Today Daily Change 0.0094
Today Daily Change % 0.85
Today daily open 1.1108
 
Trends
Daily SMA20 1.1187
Daily SMA50 1.1236
Daily SMA100 1.1234
Daily SMA200 1.1301
Levels
Previous Daily High 1.1118
Previous Daily Low 1.107
Previous Weekly High 1.1164
Previous Weekly Low 1.1027
Previous Monthly High 1.1373
Previous Monthly Low 1.106
Daily Fibonacci 38.2% 1.1099
Daily Fibonacci 61.8% 1.1088
Daily Pivot Point S1 1.108
Daily Pivot Point S2 1.1051
Daily Pivot Point S3 1.1032
Daily Pivot Point R1 1.1127
Daily Pivot Point R2 1.1146
Daily Pivot Point R3 1.1175

 

 

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