EUR/USD extends the Asian recovery, tests 1.06 ahead of Trump

Dhwani Mehta FXStreet

The EUR/USD pair is seen reversing from daily lows of 1.0570 reached at Tokyo-open, peeking into the green zone just under 1.06 handle, as investors gear up for another round of Trump trade.

EUR/USD eyes US GDP, Trump

The EUR/USD pair is on a steady recovery path as we head into early European trading, looking to regain 1.06 handle amid minor-weakness seen around the greenback across the board, as the USD bulls take a breather after having staged a solid comeback, following Trump’s comments on his fiscal spending plans.

Meanwhile, markets also close pay close attention to the latest opinion polls surrounding the French elections, with the latest one showing Macron in the lead, could offer some support to the EUR bulls.

Nothing of relevance for the major in the European session, and hence, focus remains on the US President Trump’s interview and US prelim GDP data due ahead of the US open, while Trump’s address before the congress in the American evening will also hog the limelight, as investors will look for some clarity on his key policy agenda.

EUR/USD Technical Levels

In terms of technicals, the pair finds the immediate resistance 1.0633 (5-day highs). A break beyond the last, doors will open for a test of 1.0638 (50-DMA) and from there to 1.0682 (Feb 16 high). On the flip side, the immediate support is placed at 1.0520 (Jan 6 low) below which 1.0500 (psychological levels) and 1.0478 (Jan 5 low) could be tested.

1. R3 1.0581
2. R2 1.0575
3. R1 1.0564
PP 1.0558
1. S1 1.0546
2. S2 1.0540
3. S3 1.0528

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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