• EUR/USD starts the fresh trading week on a lower note.
  • US Dollar Index regains 94.00 amid risk aversion, firmer yields
  • Dovish ECB, Fed tapering, mixed Eurozone data back the euro underperformance.

The EUR/USD pair remains subdued in the Asian session on Monday. The pair opens up near 1.1600 but fails to preserve the upside momentum. At the time of writing, EUR/USD is trading at 1.1587, down 0.09%.

The greenback rises above 94.00, following the higher US 10-year benchmark Treasury yields. Higher inflation worries over rising energy prices and upbeat US Retail sales data puss bond yields on the higher side.

Investors are bracing up for the Fed’s tapering as soon as November whereas the European Central Bank (ECB) dovish stance weighs on the shared currency. The risk sentiment deteriorates following the disappointing Chinese GDP data. It is worth noting that, S&P 500 Futures are trading at 4,461, down 0.03% for the day.

The ECB President Christine Lagarde said that the central bank will continue to aid the eurozone economy as the fallout from the pandemic lingers, adding to her previous comments on the inflation as “ largely transitory”. In addition to that, ECB Governing Council member Klass Knot shrugged off the inflationary fear and the prospects of the near-term interest rate hike scenario. 

On the economic data front, the \Eurozone Industrial Output declined by 1.6% in August, following a revised 1.4% growth in July.

As for now, traders are waiting for the US Industrial Production Data, US Fed’s Quarles Speech for fresh trading impetus.

EUR/USD technical levels

EUR/USD

Overview
Today last price 1.1584
Today Daily Change -0.0018
Today Daily Change % -0.16
Today daily open 1.1602
 
Trends
Daily SMA20 1.1626
Daily SMA50 1.1719
Daily SMA100 1.1824
Daily SMA200 1.1932
 
Levels
Previous Daily High 1.1619
Previous Daily Low 1.1588
Previous Weekly High 1.1624
Previous Weekly Low 1.1524
Previous Monthly High 1.1909
Previous Monthly Low 1.1563
Daily Fibonacci 38.2% 1.1607
Daily Fibonacci 61.8% 1.16
Daily Pivot Point S1 1.1587
Daily Pivot Point S2 1.1572
Daily Pivot Point S3 1.1556
Daily Pivot Point R1 1.1618
Daily Pivot Point R2 1.1634
Daily Pivot Point R3 1.1648

 

 

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