EUR/USD hits highest since June 2019


  • EUR/USD continues to draw bids on risk aversion.
  • Markets are a sea of red on oil price sell-off and virus fears. 

EUR/USD continues to find bids and gain altitude amid broad-based risk aversion in the financial markets. 

The currency pair jumped to 1.1396 early Monday to hit the highest level since June 2019 and was last seen trading in green near 1.1380, having ended the last three straight weeks on a positive note. 

The financial markets are a sea of red this Monday, with oil benchmarks reporting a 22 percent slide. Meanwhile, the futures on the S&P 500 are reporting a 4.5% drop and the US 10-year yield has dropped to record lows below 0.5%. 

Saudi Arabia slashed its export oil prices over the weekend in what is likely to be the start of a price war aimed at Russia, according to The New York Times.  Russia on Friday to join the Organization of the Petroleum Exporting Countries in a large production cut. 

The sell-off in oil has bolstered the risk-off tone already prevalent in markets due to coronavirus fears. The virus continues to spread outside China, notably in Italy and South Korea, at a faster rate. As per Washington Post, some White House officials are worried that the number of confirmed cases in the US would double or more in the next 48 hours. 

So, the anti-risk environment is likely to persist, keeping the EUR better bid. The common currency bottomed out below 1.08 on Feb. 20 and has rallied by over 500 pips ever since, establishing itself as a safe-haven currency. 

Technical levels

EUR/USD

Overview
Today last price 1.1384
Today Daily Change 0.0078
Today Daily Change % 0.69
Today daily open 1.1306
 
Trends
Daily SMA20 1.0955
Daily SMA50 1.1039
Daily SMA100 1.1062
Daily SMA200 1.1101
 
Levels
Previous Daily High 1.1355
Previous Daily Low 1.1212
Previous Weekly High 1.1355
Previous Weekly Low 1.1027
Previous Monthly High 1.1089
Previous Monthly Low 1.0778
Daily Fibonacci 38.2% 1.13
Daily Fibonacci 61.8% 1.1266
Daily Pivot Point S1 1.1227
Daily Pivot Point S2 1.1148
Daily Pivot Point S3 1.1084
Daily Pivot Point R1 1.137
Daily Pivot Point R2 1.1434
Daily Pivot Point R3 1.1513

 


 

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