EUR/USD rebounds sharply and hits 6-day highs

Dollar tumbles across the board amid lower US yields.
EUR/USD rises above Monday’s highs, also supported by a rally in GBP/USD.

Matías Salord FXStreet

The EUR/USD pair rose more than 50 pips since the beginning of the US session supported by a decline of the greenback across the board. It erased losses and now trades at 1.1337, the highest level in six days and slightly below last week top.

The greenback is falling sharply in the market amid dovish comments from Fed’s Mester and also a decline in US bond yields. The 10-year fell to 2.63%, approaching to February lows. Despite rising against the US dollar, the euro continues to be among the weakest currencies of the day. It extended losses against the pound and also the Swiss franc.

Another boost to the upside in EUR/USD comes from the GBP/USD rally. Cable broke above 1.3000 and soared to 1.3030, rising more than a hundred pips over the last three hours.

EUR/USD appears to be posited to test last week highs around 1.1340. A consolidation above the last one could be seen as a bullish signal for the euro, while if it fails around current levels, more range trading between 1.1270 and 1.1330 seems likely.

EUR/USD

Overview:
    Today Last Price: 1.132
    Today Daily change: 0.0005 pips
    Today Daily change %: 0.04%
    Today Daily Open: 1.1315
Trends:
    Daily SMA20: 1.1368
    Daily SMA50: 1.1392
    Daily SMA100: 1.1402
    Daily SMA200: 1.1526
Levels:
    Previous Daily High: 1.1336
    Previous Daily Low: 1.1289
    Previous Weekly High: 1.1344
    Previous Weekly Low: 1.1234
    Previous Monthly High: 1.1586
    Previous Monthly Low: 1.1289
    Daily Fibonacci 38.2%: 1.1318
    Daily Fibonacci 61.8%: 1.1307
    Daily Pivot Point S1: 1.1291
    Daily Pivot Point S2: 1.1267
    Daily Pivot Point S3: 1.1245
    Daily Pivot Point R1: 1.1337
    Daily Pivot Point R2: 1.1359
    Daily Pivot Point R3: 1.1383

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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