EUR/USD hits four week highs above 1.1830 as US dollar slides

Euro rises further versus the US dollar, hit monthly highs.
If it holds above 1.1830, EUR/USD could extend gains over the next sessions.

Matías Salord FXStreet

The EUR/USD rose further and recently climbed above 1.1830, reaching the highest level in four weeks. The pair holds near the top, consolidating important daily gains supported by a weaker US dollar across the board.

The US Dollar Index is testing the October low, at the 93.00. It is falling 0.45% as the Dow Jones gains 0.68% and the Nasdaq 0.30%. The greenback weakened against all of its rivals extending losses versus the euro and the Swiss franc and trimming gains against commodity and emerging market currencies.

The decline took place as investors look for the results in negotiations for a new round of fiscal stimulus in the US. Economic data showed a rebound in Building Permits and Housing Starts, but it was ignored by market participants.

Levels to watch

The EUR/USD is rising for the third consecutive day, for the moment consolidating above the previous monthly high, suggesting more strength ahead. It peaked on Tuesday at 1.1840, the highest since September 21. The next resistance level might be seen around 1.1870, followed by 1.1900 and 1.1920.

A retreat back under 1.1830 could suggest the euro is not ready for further gains. Support levels might be seen at 1.1795 and 1.1755. The critical obstacle is located at 1.1695; a consolidation below would open the doors to more losses.

More levels

EUR/USD

Overview
Today last price	1.1833
Today Daily Change	0.0063
Today Daily Change %	0.54
Today daily open	1.177

Trends
Daily SMA20	1.1732
Daily SMA50	1.1795
Daily SMA100	1.161
Daily SMA200	1.1285

Levels
Previous Daily High	1.1794
Previous Daily Low	1.1703
Previous Weekly High	1.1827
Previous Weekly Low	1.1688
Previous Monthly High	1.2011
Previous Monthly Low	1.1612
Daily Fibonacci 38.2%	1.1759
Daily Fibonacci 61.8%	1.1738
Daily Pivot Point S1	1.1718
Daily Pivot Point S2	1.1665
Daily Pivot Point S3	1.1627
Daily Pivot Point R1	1.1808
Daily Pivot Point R2	1.1846
Daily Pivot Point R3	1.1898

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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