• EUR/USD is on the defensive as the DXY holds ground amid risk-aversion.
  • Macro-economic divergence continues to weigh on the common currency.
  • The spot to remain at the mercy of the USD dynamics amid a quiet start.

The recovery attempts in EUR/USD remain capped below 1.1800, as the traders remain on the defensive starting out a holiday-shortened US payrolls week.

The US dollar dynamics remain in play, weighing negatively on the major, in response to the prospects of a quicker economic recovery and higher vaccination rates in the US. In contrast, delays in vaccine rollouts and surging coronavirus cases in the Old Continent continue to cast a dark cloud on the region’s economic outlook.

Meanwhile, expectations of additional US infrastructure spending lend support to the greenback while the renewed American-Sino jitters also back the dollar’s safe-haven appeal.

Amid a relatively quiet start to the week, the traders will continue to watch out the US dollar trades for any meaningful impetus. The US Nonfarm Payrolls data is likely to emerge as the key event risk this Holy Friday-shortened week.

In the meantime, the US stimulus updates, Eurozone and German CPI reports will keep the markets entertained.

EUR/USD: Technical levels

“The pair is consolidating losses, with an immediate resistance near the 1.1850 level. There is also a major bearish trend line forming with resistance near 1.1850 on the same chart. The trend line is close to the 50% Fib retracement level of the recent decline from the 1.1946 high to 1.1761 low. On the downside, the pair might find bids near 1.1760 and 1.1750. Any more losses could lead EUR/USD towards the 1.1680 support zone,” Aayush Jindal at TitanFX explains.

EUR/USD: Additional levels

EUR/USD

Overview
Today last price 1.1784
Today Daily Change -0.0009
Today Daily Change % -0.08
Today daily open 1.1793
 
Trends
Daily SMA20 1.1924
Daily SMA50 1.2034
Daily SMA100 1.2057
Daily SMA200 1.1869
 
Levels
Previous Daily High 1.1805
Previous Daily Low 1.1764
Previous Weekly High 1.1947
Previous Weekly Low 1.1762
Previous Monthly High 1.2243
Previous Monthly Low 1.1952
Daily Fibonacci 38.2% 1.1789
Daily Fibonacci 61.8% 1.178
Daily Pivot Point S1 1.177
Daily Pivot Point S2 1.1746
Daily Pivot Point S3 1.1729
Daily Pivot Point R1 1.1811
Daily Pivot Point R2 1.1829
Daily Pivot Point R3 1.1852

 

 

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