EUR/USD holds steady below 1.2100, awaits Eurozone/US data

EUR/USD in a consolidative mode, eyeing for a big move above 1.21.
The US dollar holds the lower ground amid an upbeat market mood.
Eurozone Services PMIs eyed ahead of the key US data flow.

Dhwani Mehta FXStreet

EUR/USD is flatlined below 1.2100, consolidating Tuesday’s sharp rebound from four-week lows of 1.1992. The bulls take a breather, gathering pace in order to recapture the 1.21 level on a sustained basis.

The main currency pair is holding at higher levels, courtesy of the bearish tone seen around the safe-haven US dollar, as the risk tone remains upbeat amid vaccine and stimulus hopes.

The greenback slipped from monthly tops on Tuesday after the risk sentiment recovered on retreating Treasury yields, which eased off the pressure on the Fed to act amid concerns about overheating of the economy.

On the euro-side of the story, the mixed Eurozone CPI data failed to deter the EUR bulls, as the dynamics around the yields and dollar remain the main market motor.

Attention now turns towards the Euro area Final Services PMIs ahead of the US ADP and ISM Services PMI releases for fresh trading impetus.

EUR/USD: Technical levels

“The immediate resistance is seen at 1.2139 (50-day SMA), followed by the Feb. 25 high of 1.2243. A daily close below the 100-day SMA, currently at 1.2024, would invalidate the bullish outlook,” FXStreet’s Analyst Omkar Godbole notes.

EUR/USD: Additional levels

EUR/USD

Overview
Today last price	1.2089
Today Daily Change	0.0000
Today Daily Change %	0.00
Today daily open	1.2089

Trends
Daily SMA20	1.2095
Daily SMA50	1.2144
Daily SMA100	1.2031
Daily SMA200	1.1807

Levels
Previous Daily High	1.2094
Previous Daily Low	1.1992
Previous Weekly High	1.2243
Previous Weekly Low	1.2065
Previous Monthly High	1.2243
Previous Monthly Low	1.1952
Daily Fibonacci 38.2%	1.2055
Daily Fibonacci 61.8%	1.2031
Daily Pivot Point S1	1.2023
Daily Pivot Point S2	1.1956
Daily Pivot Point S3	1.192
Daily Pivot Point R1	1.2125
Daily Pivot Point R2	1.2161
Daily Pivot Point R3	1.2228

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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