EUR/USD rebounds sharply to the 1.1750 area as DXY drops to weekly lows

A weaker US dollar triggers an intraday recovery in EUR/USD.
DXY hits weekly lows during the London fix, now falling for the third consecutive day.

Matías Salord FXStreet

The EUR/USD pair erased daily losses and rose to the 1.1750 area around the London fix, boosted by a USD selloff. Previously the pair bottomed at 1.1683 before rebound more than 50 pips in a few minutes. As of writing, it trades at 1.1740/45, flat for the day and near the weekly top.

The key driver of the move was a decline of the US dollar. The DXY fell to 93.78, reaching the lowest level since September 22. It is under pressure, amid a rally in equity prices in Wall Street and despite higher US yields. Stimulus hopes in the US are supporting stocks that are at two-week highs.

Market participants mostly ignored economic data from the US. The key report was the ADP employment report that showed private sector payroll rose by 749K in September, above expectations.

Despite rising versus the US dollar, the euro dropped further against the Swiss franc and the pound, reaching fresh daily lows.

Technical levels

EUR/USD

Overview
Today last price	1.1728
Today Daily Change	-0.0015
Today Daily Change %	-0.13
Today daily open	1.1743

Trends
Daily SMA20	1.1784
Daily SMA50	1.1794
Daily SMA100	1.1497
Daily SMA200	1.1243

Levels
Previous Daily High	1.1746
Previous Daily Low	1.1662
Previous Weekly High	1.1872
Previous Weekly Low	1.1612
Previous Monthly High	1.1966
Previous Monthly Low	1.1696
Daily Fibonacci 38.2%	1.1714
Daily Fibonacci 61.8%	1.1694
Daily Pivot Point S1	1.1688
Daily Pivot Point S2	1.1633
Daily Pivot Point S3	1.1604
Daily Pivot Point R1	1.1772
Daily Pivot Point R2	1.18
Daily Pivot Point R3	1.1855

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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