EUR/USD gives away gains and returns to 1.1230 area

The euro retreats from 1.1280 and approaches day lows at 1.1215.
The USD appreciates after better than expected US macroeconomic data.
EUR/USD: Breach of 1.1170 will accelerate losses – UOB.

Guillermo Alcala FXStreet

The euro is pulling lower against the USD, reversing earlier gains after a strong weekly opening. The pair appreciated from a 1.1215 opening price to session highs at1.1280, where the pair found resistance before pulling back to 1.1230 area with the US dollar strengthening across the board.

The euro loses ground with the US dollar on recovery

The common currency opened the day on firm footing, buoyed by brighter market sentiment. Better than expected industrial profits in China boosted hopes of economic recovery during the Asian session, offsetting fears of a second COVID-19 wave. Furthermore, the stronger than expected German inflation has contributed to the euro appreciation.

The upward trend came to an end during the North American session. A string of upbeat US macroeconomic data, with the US pending home sales and Fed Manufacturing Index posting better than expected readings have boosted demand for the USD, which bounced up against its main peers.

EUR/USD: Breach of 1.1170 will accelerate losses – UOB

The FX strategy team at UOB warns about a breach of the 1.1170 level, that might accelerate the downtrend, “While downward pressure has ticked up over the past couple of days, EUR has to close below 1.1170 before a more sustained weakness in EUR can be expected.”

EUR/USD key levels to watch

EUR/USD

Overview
Today last price	1.1235
Today Daily Change	0.0017
Today Daily Change %	0.15
Today daily open	1.1218

Trends
Daily SMA20	1.126
Daily SMA50	1.1037
Daily SMA100	1.0999
Daily SMA200	1.1035

Levels
Previous Daily High	1.1239
Previous Daily Low	1.1195
Previous Weekly High	1.1348
Previous Weekly Low	1.1169
Previous Monthly High	1.1145
Previous Monthly Low	1.0767
Daily Fibonacci 38.2%	1.1223
Daily Fibonacci 61.8%	1.1212
Daily Pivot Point S1	1.1196
Daily Pivot Point S2	1.1173
Daily Pivot Point S3	1.1152
Daily Pivot Point R1	1.124
Daily Pivot Point R2	1.1262
Daily Pivot Point R3	1.1284

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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