EUR/USD registers longest weekly winning streak since July 2018


  • EUR/USD jumped 1.22% last week, confirming the longest weekly winning run in over a year. 
  • Waning Brexit optimism is weighing over Pound and may cap upside in the common currency. 

EUR/USD gained 1.22% last week, having rallied by 0.54% and 0.33%, respectively in the preceding two weeks. The three-week winning streak is the longest since July 2018. 

Notably, the last week's gains could be associated with the Brexit optimism and the resulting rally in the British Pound. 

UK's Prime Minister Borish Johnson tried to have a meaningful vote on his Brexit deal on Saturday, but parliament passed an amendment withholding support until full legislation is passed. 

Johnson, therefore, asked the European Union (EU) for a three-month extension. 

As a result, British Pound traded on a weak note in Asia, capping gains in EUR/USD. The GBP/USD's options market has turned bearish, indicating waning Brexit optimism. The common currency, therefore, may have a hard time extending the previous week's rally. 

It is worth noting that the German Producer Price Index is scheduled for release at 06:00 GMT and the Bundesbank's monthly report is due for release at 10:00 GMT. The EUR may face selling pressure if the September PPI prints well below the estimate of -0.1% month-on-month, bolstering recession fears. 

The common currency could also take a hit if the European Union retaliates to the US' decision to impose tariffs on $7.5 billion worth of European imports that were sanctioned by the WTO for the damage caused by improper subsidies to Airbus. The tariffs went into effect last week. 

Technical levels

EUR/USD

Overview
Today last price 1.116
Today Daily Change -0.0010
Today Daily Change % -0.09
Today daily open 1.117
 
Trends
Daily SMA20 1.0998
Daily SMA50 1.1039
Daily SMA100 1.1139
Daily SMA200 1.1211
 
Levels
Previous Daily High 1.1172
Previous Daily Low 1.1114
Previous Weekly High 1.1063
Previous Weekly Low 1.0941
Previous Monthly High 1.111
Previous Monthly Low 1.0885
Daily Fibonacci 38.2% 1.115
Daily Fibonacci 61.8% 1.1137
Daily Pivot Point S1 1.1132
Daily Pivot Point S2 1.1094
Daily Pivot Point S3 1.1074
Daily Pivot Point R1 1.119
Daily Pivot Point R2 1.121
Daily Pivot Point R3 1.1248

 

 

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