• US dollar loses momentum amid an improvement in risk sentiment.
  • Wall Street turns green, US yields modestly off highs.
  • EUR/USD continues to consolidate ahead of the FOMC meeting.

The EUR/USD rose after the beginning of the American session and recently climbed to 1.0017, before pulling back to the parity area. It is posting modest losses on Monday, as it continues to trade in a range.

The move higher in EUR/USD took place amid a small retreat of the US dollar as Wall Street indexes turned positive. US yields are off highs but still near multi-year highs ahead of the FOMC meeting on Wednesday.

The US central bank is expected to raise interest rates by 75 basis points on Wednesday. The combination of an aggressive Fed and a cautious tone among investors regarding signs of a global economic slowdown support the greenback. “The repricing of Fed tightening risks is likely to keep the dollar bid across the board near-term.  As we said during this most recent dollar correction lower, nothing has really changed fundamentally and the global backdrop continues to favor the dollar and U.S. assets in general,” explained analysts at Brown Brother Harriman.

Range prevails

The EUR/USD continues to trade around the parity level, as it had been the case since last Wednesday. A break above 1.0030 should strengthen the euro, while on the flip side, the critical support is the 0.9950 area. A firm break under 0.9950 would expose the next support at 0.9910. The next support is 0.9870, the last defence to fresh multi-year lows.

Technical levels

EUR/USD

Overview
Today last price 1.0012
Today Daily Change -0.0005
Today Daily Change % -0.05
Today daily open 1.0017
 
Trends
Daily SMA20 0.9987
Daily SMA50 1.0098
Daily SMA100 1.0318
Daily SMA200 1.0731
 
Levels
Previous Daily High 1.0037
Previous Daily Low 0.9945
Previous Weekly High 1.0198
Previous Weekly Low 0.9945
Previous Monthly High 1.0369
Previous Monthly Low 0.9901
Daily Fibonacci 38.2% 1.0002
Daily Fibonacci 61.8% 0.998
Daily Pivot Point S1 0.9963
Daily Pivot Point S2 0.9908
Daily Pivot Point S3 0.9871
Daily Pivot Point R1 1.0054
Daily Pivot Point R2 1.0091
Daily Pivot Point R3 1.0146

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

AUD/USD eyes are on critical daily dynamic support

AUD/USD eyes are on critical daily dynamic support

AUD/USD bears eye a 50% mean reversion in the lower quarter of the 0.6700s. A break of the supporting trendline and subsequent test of  0.6640/50 could be a significant bearish development.

AUDUSD News

EUR/USD aims for 1.0550 despite upbeat US NFP data, Eurozone Retail Sales eyed

EUR/USD aims for 1.0550 despite upbeat US NFP data, Eurozone Retail Sales eyed

The EUR/USD pair is hovering around a fresh five-month high at 1.0545 in the early Asian session. The major currency pair is expected to extend its rally to near 1.0550 ahead amid an upbeat market mood.

EUR/USD News

Gold struggles around $1,800 ahead of ISM Services PMI data

Gold struggles around $1,800 ahead of ISM Services PMI data

Gold price is facing immense pressure in conquering the round-level resistance of $1,800.00 in the early Tokyo session. The precious metal is highly expected to display more gains ahead and may extend towards a fresh three-month high at $1,824.63.

Gold News

AVAX: Traders bet should be on Avalanche bulls triggering a 15% rally

AVAX: Traders bet should be on Avalanche bulls triggering a 15% rally

AVAX price has breached an inverse head-and-shoulders setup, hinting at a 13% upswing. AVAX price has broken out of a critical hurdle and pattern, signaling the start of a quick run-up. AVAX price action created an inverse head-and-shoulder setup.

Read more

The Yen, Payrolls, and the Oil price

The Yen, Payrolls, and the Oil price

US stocks wrapped their second straight week of gains, even if stocks slipped on Friday on the back of better-than-expected US Payrolls data.We have been amazed by the resilience in risky assets of late. This year has seen some incredible macro themes.

Read more

Forex MAJORS

Cryptocurrencies

Signatures