EUR/USD reverses half the Trump-led rally, near 1.0640

Dhwani Mehta FXStreet

The EUR/USD pair remains within a striking distance of daily lows struck at 1.0638, having retraced 50% of yesterday extensive rally, backed by fading Trump trade.

The latest leg down in the spot is largely on the back of cross-driven weakness, as size-able losses in both EUR/GBP and EUR/JPY keep the common currency undermined against its American counterpart.

Moreover, the Euro appears to have lost its funding currency status, as it has failed to take advantage of prevalent risk-off tone amid geo-political tensions, with the European equities feeling the heat.

Markets now await a fresh batch of US macro releases, viz., the PPI, consumer sentiment and jobless claims, for fresh impetus on the US dollar.

EUR/USD Technical Levels

Technical resistances for the pair are aligned at 1.0687/90 (Apr 6 & 5 high), 1.0733 (Classic R2/ Fib R3) and finally 1.0796 (200-DMA). On the flip side, the spot finds next support at 1.0633/18 (100 & 5-DMA), a break below that level could open the door to 1.0600 (key support) and 1.0553 (classic S2/ Fib S3).

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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