EUR/USD hits fresh weekly highs above 1.1160


  • US-China phase one deal to be signed anytime now. 
  • Greenback loses momentum across the board during the American session.

The EUR/USD pair climbed to 1.1162, hitting a fresh weekly high. It then pulled back, but it managed to remain above 1.1140. As of writing trades at 1.1155/58, near the top with a bullish tone. 

The move higher took place amid a broad decline of the US dollar. However, the slide of the greenback was modest. Traders await new details about the US and China trade deal, with the signing ceremony of the “phase one” agreement starting in a few minutes. 

The DXY is trading at weekly lows, near 97.20, and US yields moved off lows but remain in negative territory for the day. US data came in mixed on Wednesday. The PPI rose below expectations in December while the Empire manufacturing index surpassed analysts' estimates. 

Technical outlook 

The EUR/USD pair holds a bullish tone and the momentum is likely to remain high as long as it stays above 1.1145. The next strong resistance might be seen at 1.1175/80 followed by 1.1200. On the flip side, below 1.1145 the euro will likely lose strength. The upside bias is likely to hold while EUR/USD remains above 1.1085/95 (uptrend line from October lows). 

EUR/USD

Overview
Today last price 1.1154
Today Daily Change 0.0026
Today Daily Change % 0.23
Today daily open 1.1128
 
Trends
Daily SMA20 1.114
Daily SMA50 1.1094
Daily SMA100 1.1067
Daily SMA200 1.1139
 
Levels
Previous Daily High 1.1146
Previous Daily Low 1.1104
Previous Weekly High 1.1208
Previous Weekly Low 1.1085
Previous Monthly High 1.124
Previous Monthly Low 1.1002
Daily Fibonacci 38.2% 1.112
Daily Fibonacci 61.8% 1.113
Daily Pivot Point S1 1.1107
Daily Pivot Point S2 1.1085
Daily Pivot Point S3 1.1066
Daily Pivot Point R1 1.1148
Daily Pivot Point R2 1.1167
Daily Pivot Point R3 1.1189

 

 

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