EUR/USD pushing against October's top at 1.1830

EUR/USD appreciates for the third consecutive day to test October's high, at 1.1830
The euro appreciates against a weaker USD in a risk-on market.
Longer-term, the euro is losing momentum against the dollar - MUFG.

Guillermo Alcala FXStreet

The euro is trading higher on Tuesday, with the safe-haven USD depreciating across the board amid a positive market mood. The pair has rallied beyond 0.5% so far today, to reach prices above 1.1830 for the first time since late September.

Risk appetite strengthens the euro

The common currency appreciates for the third consecutive day, boosted by the positive market sentiment after the main equity markets bounced up following a weak opening in Europe.

In absence of relevant macroeconomic releases, the investors have remained fairly optimistic in spite of the lack of progress on the coronavirus stimulus negotiations in the US. With Wall Street posting gains beyond 1%, the safe-haven US dollar is losing ground against risker currencies.

In Europe, the Euro has been unfazed by the lockdown on the Brexit trade talks and the coronavirus spread, with France reporting a record in hospitalizations and Ireland introducing tough restrictions.

EUR/USD losing momentum on the longer-term – MUFG

From a longer-term perspective, the FX analysis team at MUFG sees the euro losing momentum against the USD: “The euro has continued to lose upward momentum against the US dollar over the past month with the pair falling towards the bottom of our previous range between 1.1600 and 1.2100. It has resulted in leveraged funds cutting back long euro positions at the fastest pace in eight months. Bullish sentiment towards the euro has been dampened by the renewed spread of COVID-19 in Europe.”

Key levels to watch

EUR/USD

Overview
Today last price	1.183
Today Daily Change	0.0060
Today Daily Change %	0.51
Today daily open	1.177

Trends
Daily SMA20	1.1732
Daily SMA50	1.1795
Daily SMA100	1.161
Daily SMA200	1.1285

Levels
Previous Daily High	1.1794
Previous Daily Low	1.1703
Previous Weekly High	1.1827
Previous Weekly Low	1.1688
Previous Monthly High	1.2011
Previous Monthly Low	1.1612
Daily Fibonacci 38.2%	1.1759
Daily Fibonacci 61.8%	1.1738
Daily Pivot Point S1	1.1718
Daily Pivot Point S2	1.1665
Daily Pivot Point S3	1.1627
Daily Pivot Point R1	1.1808
Daily Pivot Point R2	1.1846
Daily Pivot Point R3	1.1898

Author

Guillermo Alcala

FXStreet

Graduated in Communication Sciences at the Universidad del Pais Vasco and Universiteit van Amsterdam, Guillermo has been working as financial news editor and copywriter in diverse Forex-related firms, like FXStreet and Kantox.

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