• EUR/USD reaches a three-week low at 1.2724.
  • Market sentiment weighs on the EUR/USD as flows flew to the safe-haven USD.
  • The US Dollar Index rises above 93.00 despite weak US consumer sentiment data.

EUR/USD keeps sliding for the second day in a row, exchanging hands at 1.1728 down 0.30% on the day at the time of writing. After a stellar US Retail Sales report on Thursday, the EUR/USD pair is trading at three-week lows, on broad US dollar strength. 

The US Dollar Index (DXY) is at three-week highs

The market mood is in risk-off mode, with US stock indices sliding between 0.26% and 1.19% and bond yields rising. The US 10-year benchmark rate is at 1.368%, up almost four basis points on Friday, underpinning the greenback. The US Dollar Index is up 0.33%, sitting at 93.17.

During the European session, the Eurozone Core Consumer Price Index (YoY) rose by 1.6%, in line with expectations. Meanwhile, the Core CPI for August (MoM) edged higher 0.3% as foreseen.

Across the pond, the US University of Michigan Consumer Sentiment increased slightly to 71 in September versus 70.3 in the previous month, although it was worse than the 72.2 expected. The report attributed the declines to higher prices, as consumers expect the inflation rate to rise 4.7%, matching the highest since 2008.

Investors’ focus turns to next week events. The Federal Open Market Committee will discuss monetary policy issues, being the QE reduction the spotlight of the statement.

Key technical levels to watch

EUR/USD

Overview
Today last price 1.1728
Today Daily Change -0.0037
Today Daily Change % -0.31
Today daily open 1.1765
 
Trends
Daily SMA20 1.1804
Daily SMA50 1.1799
Daily SMA100 1.193
Daily SMA200 1.1993
 
Levels
Previous Daily High 1.1821
Previous Daily Low 1.175
Previous Weekly High 1.1886
Previous Weekly Low 1.1802
Previous Monthly High 1.19
Previous Monthly Low 1.1664
Daily Fibonacci 38.2% 1.1777
Daily Fibonacci 61.8% 1.1794
Daily Pivot Point S1 1.1737
Daily Pivot Point S2 1.1708
Daily Pivot Point S3 1.1666
Daily Pivot Point R1 1.1807
Daily Pivot Point R2 1.1849
Daily Pivot Point R3 1.1877

 

 

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