TRENDING:

GBP/USD

XAU/USD

EUR/USD: In multi-day tops near 1.1875, recapturing 200-DMA resistance is critical

EUR/USD extends the rally towards 200-DMA, ten-day highs.
Rout in Treasury yields recalls the US dollar sellers, boosts EUR/USD.
Bulls shrug-off mixed EZ data and upbeat US job openings, Fed minutes eyed.

Dhwani Mehta FXStreet

EUR/USD is looking into build on a two-day recovery rally, as a break above the 1.1900 mark remains in sight amid a relentless fall in the US Treasury yields, which keeps the pressure intact on the dollar.

The yields on the US Treasuries were hit by the retreat in the stocks from record highs. Additionally, doubts over the prospects of a faster post-pandemic US economic recovery powered safe-haven flows into the bonds, which caused the rout in the Treasury yields to extend, pressuring the downside in the greenback.

Investors ignored the mixed Eurozone Sentix Investor Confidence Index and Unemployment rate while a rise in the US JOLTS job openings also failed to lift the dollar. Markets now look forward to the all-important FOMC minutes of the March meeting for fresh cues.

EUR/USD: Technical outlook

As observed on the daily chart, EUR/USD’s surge on Tuesday led the bulls to recapture the horizontal 21-daily moving average (DMA), then at $1857.

A daily closing above that level has offered fresh zest to the EUR bulls, as they seek to take out above the 200-DMA at 1.1890.

Acceptance above the latter could challenge the 1.1900 threshold, opening doors for a rally towards the bearish 50-DMA at 1.1976.

However, the relative strength index (RSI) still trends below the midline, currently at 49.22, warranting caution for the bulls.

EUR/USD: Daily chart

Therefore, if the price faces rejection at 200-DMA, the 21-DMA resistance now support could be retested.

The sellers will then aim for Tuesday’s low of 1.1795 below that level. Further south, the 1.1750 psychological level could be probed.

EUR/USD: Additional levels

EUR/USD

Overview
Today last price	1.1873
Today Daily Change	0.0059
Today Daily Change %	0.50
Today daily open	1.1813

Trends
Daily SMA20	1.1856
Daily SMA50	1.1989
Daily SMA100	1.2054
Daily SMA200	1.1884

Levels
Previous Daily High	1.182
Previous Daily Low	1.1738
Previous Weekly High	1.1794
Previous Weekly Low	1.1704
Previous Monthly High	1.2113
Previous Monthly Low	1.1704
Daily Fibonacci 38.2%	1.1788
Daily Fibonacci 61.8%	1.1769
Daily Pivot Point S1	1.1761
Daily Pivot Point S2	1.1708
Daily Pivot Point S3	1.1679
Daily Pivot Point R1	1.1843
Daily Pivot Point R2	1.1872
Daily Pivot Point R3	1.1925

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.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD rebounds after falling toward 1.1700

EUR/USD gains traction and trades above 1.1730 in the American session, looking to end the week virtually unchanged. The bullish opening in Wall Street makes it difficult for the US Dollar to preserve its recovery momentum and helps the pair rebound heading into the weekend.

GBP/USD steadies below 1.3400 as traders assess BoE policy outlook

Following Thursday's volatile session, GBP/USD moves sideways below 1.3400 on Friday. Investors reassess the Bank of England's policy oıtlook after the MPC decided to cut the interest rate by 25 bps by a slim margin. Meanwhile, the improving risk mood helps the pair hold its ground.

Gold stays below $4,350, looks to post small weekly gains

Gold struggles to gather recovery momentum and stays below $4,350 in the second half of the day on Friday, as the benchmark 10-year US Treasury bond yield edges higher. Nevertheless, the precious metal remains on track to end the week with modest gains as markets gear up for the holiday season.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid bearish market conditions

Bitcoin (BTC) is edging higher, trading above $88,000 at the time of writing on Monday. Altcoins, including Ethereum (ETH) and Ripple (XRP), are following in BTC’s footsteps, experiencing relief rebounds following a volatile week.

How much can one month of soft inflation change the Fed’s mind?

One month of softer inflation data is rarely enough to shift Federal Reserve policy on its own, but in a market highly sensitive to every data point, even a single reading can reshape expectations. November’s inflation report offered a welcome sign of cooling price pressures.

XRP rebounds amid ETF inflows and declining retail demand demand

XRP rebounds as bulls target a short-term breakout above $2.00 on Friday. XRP ETFs record the highest inflow since December 8, signaling growing institutional appetite.