EUR/USD extends the bounce towards 1.1350

Fresh USD selling, Italian budget optimism lifts EUR/USD northwards.
Awaits Eurozone final CPI for near-term trading opportunities.

Dhwani Mehta FXStreet

The EUR/USD pair is on a steady rise above the 1.13 handle so far this Monday, with the bulls having gathered strength in Europe, as the US dollar correction across the board regains momentum.

The greenback hit 19-month highs versus its main competitors at 97.71 on Friday, after China slowdown fears intensified following weaker Chinese macro data and propped up safe-haven bids for the US dollar. The USD index now extends the retreat to 97.30 levels, down -0.13% on the day.

Moreover, the bid tone around the common-currency can be also attributed to the renewed optimism around the Italian budget after ANSA reported overnight that the Italian coalition leaders have reached an agreement over the budget accord.

Furthermore, a bout of profit-taking cannot be ignored in the EUR/USD pair, as markets look to cover their shorts heading into the FOMC rate hike due this Wednesday. In the meantime, the immediate focus remains on the Eurozone final CPI figures due out shortly for further trading impetus.

EUR/USD Technical Levels

EUR/USD

Overview:
    Today Last Price: 1.1329
    Today Daily change: 28 pips
    Today Daily change %: 0.248%
    Today Daily Open: 1.1301
Trends:
    Previous Daily SMA20: 1.136
    Previous Daily SMA50: 1.1399
    Previous Daily SMA100: 1.1498
    Previous Daily SMA200: 1.1717
Levels:
    Previous Daily High: 1.1374
    Previous Daily Low: 1.1269
    Previous Weekly High: 1.1444
    Previous Weekly Low: 1.1269
    Previous Monthly High: 1.15
    Previous Monthly Low: 1.1216
    Previous Daily Fibonacci 38.2%: 1.1309
    Previous Daily Fibonacci 61.8%: 1.1334
    Previous Daily Pivot Point S1: 1.1256
    Previous Daily Pivot Point S2: 1.1211
    Previous Daily Pivot Point S3: 1.1152
    Previous Daily Pivot Point R1: 1.136
    Previous Daily Pivot Point R2: 1.1419
    Previous Daily Pivot Point R3: 1.1464

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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