EUR/USD hovers near yearly low, EU GDP data awaited

  • EU GDP data release and ECB Lagarde’s speech, due later in the day, will affect the pair.
  • EUR/USD continues to slide as US yields remain strong ahead of US Retail Sales.

EUR/USD continues to trade around yearly low levels of 1.1370 during the early Asian session on Tuesday. Multiple factors and data announcements due for later in the day as well as in the week will determine the pair's outcome. At the time of reporting, the pair is trading at 1.1371, up by 0.1%. The currency pair has not been as low as this since July last year.

The market participants’ sentiments are going to be primarily affected by Federal Reserve speakers, the Eurozone’s upcoming Gross Domestic Product data release and European Central Bank (ECB) President Christine Lagarde’s speech, due for later in the day. 

Notably, Lagarde’s previous statement on the rate hike had pushed the pair lower. She hinted that the conditions for a rate hike are unlikely to be met in 2022, providing support to the dovish sentiments in markets. 

Along with this, investors are also eyeing the US Retail Sales data. Improved figures could benefit the US dollar on expectations for higher growth, while failure to meet the expectations would trigger a dollar-positive risk-off mood.

In addition, as US President Joe Biden formally signed his $1.0 trillion, bi-partisan infrastructure bill that adds another challenge to the pair’s seller. The US 10-year Treasury yields jumped to a fresh three-week high of 1.61%, supporting the US Dollar Index rally at 95.51 to renew the yearly top. 

Meanwhile, as the greenback continued, its strength weakens investor appetite. EUR/USD may pause at its current spot for a while but is just resting up before moving to either side. 

EUR/USD technical levels

Today last price 1.1367
Today Daily Change -0.0079
Today Daily Change % -0.69
Today daily open 1.1446
Daily SMA20 1.1584
Daily SMA50 1.1646
Daily SMA100 1.1726
Daily SMA200 1.1878
Previous Daily High 1.1462
Previous Daily Low 1.1433
Previous Weekly High 1.1609
Previous Weekly Low 1.1433
Previous Monthly High 1.1692
Previous Monthly Low 1.1524
Daily Fibonacci 38.2% 1.1444
Daily Fibonacci 61.8% 1.1451
Daily Pivot Point S1 1.1432
Daily Pivot Point S2 1.1418
Daily Pivot Point S3 1.1403
Daily Pivot Point R1 1.1461
Daily Pivot Point R2 1.1476
Daily Pivot Point R3 1.1491

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